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Megola Inc. Files to Move Back on the OTCBB

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  Published in Business and Finance on Friday, November 27th 2009 at 11:39 GMT by Market Wire
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POINT EDWARD, ON--(Marketwire - November 27, 2009) - Megola Inc. (PINKSHEETS: [ MGON ]) announces that Form 211 has been filed with the Financial Industry Regulatory Authority (FINRA) OTC Compliance Unit in accordance with its stated goal of regaining status on the OTCBB.

With the filing of its 2009 Year End Financials and all related regulatory requirements, Megola has achieved its stated goal of being in full compliance with the SEC. Megola has prepared all requisite documentation in order for Glendale Securities, Inc. to file Form 211 with FINRA to move Megola back on the OTCBB.

Megola Nov 25, 2009 announcement:

Megola Inc. Initiates Reverse Stock Split and Move to OTCBB

Reverse Split Request Approved by Financial Industry Regulatory Authority and Form 211 to be submitted by Glendale Securities, Inc.

POINT EDWARD, ON-- November 25, 2009 -- Megola Inc. announces it will have Glendale Securities, Inc. file Form 211 with the Financial Industry Regulatory Authority (FINRA) OTC Compliance Unit in accordance with its stated goal of regaining status on the OTCBB. Megola is currently awaiting final auditor review of its 2009 year end financials. Megola has also filed all requisite documentation with FINRA and has been approved to move forward with its plan to perform a Reverse Stock Split on all outstanding Common Shares at a 1:50 ratio.

The effective date of the 1:50 Reverse Split is at market open, Friday, November 27, 2009.

Megola Inc. will trade under the new symbol of MGON.

For more information on Megola Inc. please visit [ www.megola.com ].

Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities.

The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.