On September 19, 2005, Color Imaging (CIIG.OB) announced that shareholders had approved the proposed reverse stock split. After the annual meeting, the Board of Directors met and selected the one-for 2500 reverse stock split option. The effective day for the reverse stock split was set for September 22, 2005.
This is good news for my son’s Coverdell ESA. I had purchased 900 shares of Color Imaging on September 7, 2005 for $0.90 a share. Since my 900 shares will be cashed out for $1.10 each, I expect to make $173.05 in profit, which is a 21 percent gain on my investment. I should receive the cash in a couple of weeks.