They most likely suggested the use of a share consolidation to effect an increase in the share price. The reason they want the increase is to move trading to the NASDAQ which will add a level of legitimacy by attracting new investors (who are restricted from purchasing shares on junior exchanges and or below a certain price point), and to gain analyst coverage from at least one or 2 of the smaller brokerages in the US (which will come with the issuance of shares). I am pretty sure that all of this has been communicated by management in the past.

I don't know that they have absolutely ruled out the use of the consolidation; however, if they did, the likely reason (and very widely speculated in this forum) is that they believe they are going to have enough positive developments that the share price will likely increase on its own. This does not mean that there will not be a share issuance in conjunction with the mooted NASDAQ listing - just that the price rise to a "legitimate" level is acheived organically.