Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTC Pink: CYDVF) (Frankfurt: C1Z) announces that it intends to effect a consolidation of its common shares on the basis of one new common share for every ten old common shares outstanding. The name of the Company will not change and the trading symbol will remain the same.
Management and the Board of Directors believe that the share consolidation is in the best interest of the Company and its shareholders. Management believes that the share consolidation will allow Cypress important flexibility in order for the Company to complete future financings and further advance its flagship Gunman zinc-silver project in Nevada.
The Company currently has 150,281,782 common shares outstanding and, following the share consolidation on a ten to one basis, will have 15,028,178 common shares outstanding. No fractional common shares will be issued and no cash will be paid in lieu of fractional post-consolidation common shares but the number of common shares to be received by a shareholder will be rounded down to the nearest whole common share.
The share consolidation is subject to approval by the TSX Venture Exchange.
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.