PORTLAND, Ore., Nov. 29, 2010 (GLOBE NEWSWIRE) -- Lecere Corporation (Pink Sheets:LCRE) announced today that it will execute a 1 for 10,000 reverse split of its capital stock, effective December 13, 2010. After the reverse split there will be 7,500,000 common shares authorized, 300,000 preferred shares authorized, 1,274,962 common shares outstanding, and 80,000 preferred shares outstanding. The float will be 1,269,409 shares. All outstanding preferred shares are owned by management and are restricted from sale until at least September of 2011.
Jim Morris, CEO of Lecere, said, "FIRMS is now in service at twelve restaurants. Each of these restaurant customers is generating revenue. Our customers have given rave reviews of our FIRMS product and the support we provide. Non-affiliated Lecere shareholders have visited these customers and verified independently that FIRMS has indeed been well-received and enables our customers to serve more, spend less. In the relatively short time since we rolled out our automated website signup, we have seen a total of more than 60 trial signups in our website queue. In the time span of just about one year, Lecere has already established itself as the leader in cloud computing for mobile, hand-held devices in the POS industry."
"We have achieved these remarkable results to date with almost no marketing or customer support personnel and essentially no sales personnel at all, due entirely to a continual lack of stable, sufficient sources of operating capital. This lack of reliable funding has plagued us from the very beginning and has now reached a point where it leaves us devoid of the means to grow our customer base and revenues."
"Lecere is transitioning from a development-stage startup company to the next stage of a technology company: increased focus on the sales, marketing, and customer support that will allow us to reach profitability, expand into new markets, and achieve ever more growth. To achieve these goals, we need to invest in promotion, brand awareness, and especially in hiring inside sales personnel who will guide trial signups through the sales funnel more rapidly, resulting in more customers. And we need to invest in deploying our product in Western Europe, where we've generated substantial interest. To support the large number of new customers that we expect in the coming months, we will need a capable support staff."
"From the day the company began operations in August, 2009, Lecere has been funding the development of its FIRMS product by selling free-trading common stock under Rule 504. We can no longer depend on this unpredictable, unreliable source of funding to generate the operating cash we will need to achieve profitability. We must turn for our investment needs to institutional investors who have the deep pockets and patience to ensure a stable, sufficient supply of operating capital. This dictates a reverse split of our capital stock, because the investors we will need going forward will not invest in companies with sub-penny stock prices and billions of shares of stock outstanding and authorized."
About LecereTM Corporation
Lecere Corporation (Pink Sheets:LCRE) of Portland, Oregon develops and markets Lecere FIRMSTM, an integrated, Web-based suite of interactive restaurant management software that runs on handheld wireless devices. FIRMS helps restaurants reduce their operational costs while enhancing their customers' experiences for increased revenues and profits. Visit our website www.lecere.com
Lecere and FIRMS are trademarks of Lecere Corporation. All other legal marks are the property of their respective owners.