This stock is doing a 1 for 100 reverse split. But, per the SEC filing, they will not reverse any cert of more than 100 shares below 100 shares. So if you bought 101 shares today, you will have 100 shares after the reverse split. Sometimes, these type of situations can open trading at several dollars per share. I've been successful on some of these, others not. Currently trading at 1.03 x 1.25. There will be about 78,000 shares outstanding AFTER the reverse split.

From the SEC Filing:

In an effort to preserve shareholders in "round lots", which is of benefit to the shareholders and the Company, no certificate below one hundred shares will be reversed and no certificate greater than one hundred shares will be reversed below one hundred shares. No fractional shares will be issued in connection with such recapitalization and only fractional shares will be rounded up to the nearest whole number. This transaction is not intended to be a "going private" transaction.

SEC Filing

What has been your experience as to how the effective date is set for the purchaser of stock to qualify?
ONLY SHAREHOLDERS OF RECORD AT THE CLOSE OF BUSINESS ON June 15, 2006 (THE
"RECORD DATE"), WERE ENTITLED TO NOTICE OF AND TO VOTE ON THE PROPOSAL.

What determines the record date for the split? I am new to these and appreciate your site and info.

From my experience, I usually get the split if I buy before the x-date. But sometimes I don't.