Shareholders Approve Reverse Split of Common Stock
CAPE TOWN, SOUTH AFRICA – December 23, 2011 – (Motor Sports Newswire) Leatt Corporation (OTC: LEAT.PK), a global developer, marketer and distributor of the Leatt-Brace®, a neck brace system designed to help prevent potentially devastating injuries to the cervical spine (neck) for helmeted sports, today announced that it held and webcast its 2011 Annual Meeting of Shareholders this morning as scheduled. A quorum of shareholders was present in person or by proxy.
With over 291 million total shares voted at the Meeting, four proposals were approved by an overwhelming majority of the votes cast. The strong affirmation was led by the proposal to affect a reverse split of the Company’s Common Stock at a ratio of between 1-for-5 and 1-for-25, to be determined by the Company’s Board of Directors on or before December 22, 2012. The other resolutions that carried consisted of election of four (4) directors to the Board of Directors, Dr. Christopher Leatt, Sean Macdonald, Zafiris M. Zafiropoulos and Jeffrey J. Guzy; the ratification of Fitzgerald & Co., CPAs, PC, as the Company’s independent registered public accounting firm for the year ending December 31, 2011; and the adoption of the Company’s 2011 Equity Incentive Plan.
About Leatt Corporation:
Leatt Corporation develops, markets and distributes personal protective equipment and ancillary products for all forms of sports, especially extreme motor sports. The Leatt-Brace® is an award-winning neck brace system considered the gold standard for neck protection for anyone wearing a crash helmet as a form of protection. It was designed for participants in extreme sports or riding motorcycles, bicycles, mountain bicycles, all-terrain vehicles, snowmobiles and other vehicles.
Rudy Barrio (Investors)
Len Hall (Media)
SOURCE: Leatt Corporation