FOR IMMEDIATE RELEASE
PRESS RELEASE
CTI INDUSTRIES CORPORATION (NASDAQ-CTIB)
ANNOUNCES ONE-FOR-THREE REVERSE SPLIT OF ITS COMMON STOCK
Barrington, Illinois,
November 5, 1999
CTI Industries Corporation (NASDAQ Symbol: "CTIB") announced that, at
the close of business (Eastern time) on November 4, 1999 (the "Effective Date"),
a one-for-three reverse split of its common stock became effective. Thus, three
current shares of common stock, par value $.065, were changed into one share of
the Company's common stock, with a new par value of $.195. The Company stated
that any holder of fractional shares resulting from this reverse split will be
paid an amount of money based on the closing price of the Company's Common Stock
on the NASDAQ SmallCap Market on the Effective Date multiplied by the amount of
the fractional share. Outstanding shares of common stock of the Company were
reduced to approximately 878,610 shares from 2,635,831 shares outstanding before
the reverse split. The Company's new trading symbol on the NASDAQ SmallCap
market, beginning November 5, 1999, is CTIBD .
The Company further stated that following the reverse split, previously
outstanding certificates representing shares of the Company's Common Stock may
be delivered to the Company's transfer agent, Continental Stock Transfer and
Trust Co., 2 Broadway, New York, New York, 10004 (212) 509-1000 in effecting
sales through a broker, or otherwise, and all necessary adjustments to the
number of pre-reverse split shares held will be made at the time of sale or
transfer. Consequently, it will not be necessary for shareholders of the Company
to exchange their existing stock certificates for post-reverse split stock
certificates.
For further information contact:
Stephen M. Merrick
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CTI INDUSTRIES CORPORATION
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2216 North Pepper Road
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Barrington, Illinois 60010
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(847) 382-1000
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