June 24, 2010 (FinancialWire) — NOVT Corp. (OTC: NVTP) said that its shareholders have approved a proposal authorizing the firm’s board to effect a 1-for-5,000 reverse stock split  of NOVT's common stock, followed by a 50-for-1 forward stock split.

In between these events, shareholders owning fewer than 5,000 shares of common stock will have such pre-split shares cancelled and converted into the right to receive cash consideration in the amount determined by the board.  

The company’s shareholders have also authorized the board to reduce the authorized number of shares of the common stock from 6.25 million to 90,000 and to reduce the authorized number of shares of NOVT's preferred stock from 1.25 million to 10,000.  

On June 22, 2010, the board approved the reverse/forward stock split and the reduction in capital stock effective July 9.  It is anticipated that the common stock will begin trading on the Pink Sheets on a post-split basis at the opening of trading on July 12 under its current symbol "NVTP.PK".

California-based NOVT has completed the sale of substantially all the assets of its vascular brachytherapy business. NOVT's strategic plan is to redeploy its existing resources to identify and acquire new business operations.

The company said that this strategy may allow NOVT to realize the benefits of its net operating loss carry-forwards. It said that, at the present time, no candidates have been identified and no assurance can be given that NOVT will find suitable candidates, and if it does, that it will be able to utilize its existing NOLs.  

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