Unisys Corporation (NYSE: UIS) today announced that its Board of
Directors has approved a one-for-ten reverse stock split of Unisys
common stock. The company anticipates the stock split will be effective
on or about October 26, 2009. Unisys stockholders had authorized the
Board of Directors to approve a reverse stock split at a ratio of
between one-for-five and one-for-twenty at the company’s 2009 Annual
Meeting in May.
When the reverse stock split becomes effective, every ten shares of
issued and outstanding Unisys common stock will automatically be
combined into one issued and outstanding share of common stock without
any change in the par value of the shares. The number of authorized
shares of the company's common stock will also be proportionately
reduced from 720 million to 72 million.
No fractional shares will be issued in connection with the reverse stock
split. Following the completion of the reverse stock split, the
company’s transfer agent will aggregate all of the fractional shares
that otherwise would have been issued as a result of the reverse stock
split and sell those shares. Stockholders who would otherwise hold a
fractional share of the company's common stock will receive a cash
payment in lieu of such fractional share equal to their pro rata share
of the proceeds received by the transfer agent from such sale.
About Unisys
Unisys is a worldwide information technology company. We provide a
portfolio of IT services, software, and technology that solves critical
problems for clients. We specialize in helping clients secure their
operations, increase the efficiency and utilization of their data
centers, enhance support to their end users and constituents, and
modernize their enterprise applications. To provide these services and
solutions, we bring together offerings and capabilities in outsourcing
services, systems integration and consulting services, infrastructure
services, maintenance services, and high-end server technology. With
more than 26,000 employees, Unisys serves commercial organizations and
government agencies throughout the world. For more information, visit www.unisys.com.
Forward-Looking Statements
Any statements contained in this press release that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include, but are not limited to, any statements of the Company’s plans,
strategies or objectives for future operations; statements regarding
future economic conditions or performance; and any statements of belief
or expectation. All forward-looking statements rely on assumptions and
are subject to various risks and uncertainties that could cause actual
results to differ materially from expectations. There can be no
assurance that the reverse stock split will be completed by the
anticipated effective date. Factors that could affect the Company’s
future results include: the Company’s ability to refinance its debt; the
economic and business environment; the Company’s ability to access
external credit markets; the Company’s significant pension obligations;
the success of the Company’s turnaround program; aggressive competition
in the information services and technology marketplace; volatility and
rapid technological change in the Company’s industry; the Company’s
ability to retain significant clients; the Company’s ability to grow
outsourcing; the Company’s ability to drive profitable growth in
consulting and systems integration; market demand for the Company’s
high-end enterprise servers and maintenance on these servers; the risk
that the Company’s contracts may not be as profitable as expected or
provide the expected level of revenues and that contracts with U.S.
governmental agencies may be subject to audits, criminal penalties,
sanctions and other expenses and fines; the risk that the Company may
face damage to its reputation or legal liability if its clients are not
satisfied with its services or products; the performance and
capabilities of third parties with whom the Company has commercial
relationships; the risks of doing business internationally; the business
and financial risk in implementing future dispositions or acquisitions;
the potential for infringement claims to be asserted against the Company
or its clients and the possibility that pending litigation could affect
the Company’s results of operations or cash flow. Additional discussion
of these and other factors that could affect Unisys’ future results is
contained in its periodic filings with the Securities and Exchange
Commission. Unisys assumes no obligation to update any forward-looking
statements.
RELEASE NO.: 1006/9024
Unisys is a registered trademark of Unisys Corporation. All other brands
and products referenced herein are acknowledged to be trademarks or
registered trademarks of their respective holders.
