Obee's Franchise Systems announces restructuring

PORT CHARLOTTE, Fla. — The board of directors of Obee's Franchise Systems Inc. has approved a 100-for-1 reverse split of the company's common stock.

"We believe the reverse stock split will better position our company to apply for a listing on a national securities market or exchange," said Peter Brown, Obee's Franchise Systems division president. "Our goal is to work toward meeting their listing standards, and the reverse split of our shares will place us one significant step closer to achieving that goal."

Obee's Franchise Systems Inc. operates more than 50 Obee's soup, salad, subs and wraps fast-casual restaurants.