Respect Your Universe, Inc. Announces Share Consolidation
PORTLAND, Ore., June 30, 2014 /CNW/ - Respect Your Universe, Inc. (TSX VENTURE: RYU) (OTCQB: RYUN) ("RYU") announces that it has received the approval of the TSX Venture Exchange and Financial Industry Regulatory Authority to amend its share structure by consolidating its authorized share capital and the fully paid and issued common shares (the "Shares") of the Company on the basis of one (1) post-consolidated Share for each two (2) pre-consolidated Shares issued and outstanding (the "Consolidation"). The authorized capital of RYU is currently 500,000,000 shares of common stock with a par value of $0.001. After the Consolidation the authorized capital will be 250,000,000 shares of common stock with a par value of $0.001. At June 27, 2014, the total number of issued and outstanding Shares of the Company was 107,873,500. Accordingly, the total number of Shares issued and outstanding after the Consolidation is expected to be 53,936,750. The effective date of the Consolidation is anticipated to be June 30, 2014.
RYU anticipates the Consolidation will provide RYU with increased flexibility to seek additional financing opportunities.
There is no name change in conjunction with the Consolidation.
Respect Your Universe, Inc. is a performance apparel brand designed for athletes and active adults. Crafted from organic and/or earth-friendly materials, RYU apparel enhances movement, is extremely comfortable and healthy for the environment. Founded in 2008, RYU has incorporated the lessons learned from mixed martial arts into beautiful everyday performance wear. For more information, visit www.ryu.com.
On Behalf of the Board
RESPECT YOUR UNIVERSE, INC.
/s/ Marcello Leone
President and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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