WASHINGTON, Nov. 3, 2010 /PRNewswire-FirstCall/ --
Ariel Way, Inc., (Pink Sheets: AWYI)
a technology and services company for highly secure global
communications, multimedia including digital signage solutions and
associated technologies, today announced that it has as of
November 3, 2010 significantly
reduced its debt and liabilities.
Arne Dunhem, Ariel Way chairman, president, and CEO of
Ariel Way said, "We are pleased to
finally be able to put in place a major plan aiming to
significantly improve the value of the Company and therewith the
shareholder value." Arne Dunhem also
said, "Among others, the burden of the large amount of debt and
liabilities that we have carried until now has been a major factor
making new financing and the acquisition of new operations very
difficult."
On November 3, 2010, the Company
was able to significantly reduce its liabilities by approximately
$334,000. The significant reduction
is the result of a settlement of debt by the Company to
Arne Dunhem such that a total of
$238,369 in debt owed to Arne Dunhem was forgiven by him. In addition,
$95,023 was converted into a total of
316,744,514 shares of restricted common stock to Arne Dunhem out of which the issuance of
66,873,600 shares of restricted common stock will be deferred to a
later date. All shares will be issued restricted per SEC Rule 144
and cannot be freely traded.
With the issuance of the shares of restricted common stock, the
total issued and outstanding shares of common stock are
1,995,000,000. The authorized number of shares is 1,995,000,000.
This means that there are currently no more shares available to be
issued, including for the conversion of Series A Convertible
Preferred shares.
The Management of the Company intends to aggressively continue
to attempt to reduce the past debt and liabilities of the Company
with a target of less than $100,000
before end of year 2010. The Management believes this may create
alternatives for new financing and the acquisition of new
operations to grow the shareholder value.
About Ariel Way, Inc.
Ariel Way, Inc., a Florida corporation ("Ariel Way" or the "Company"), is a technology
and services company for highly secure global communications,
multimedia and digital signage solutions and technologies. The
Company is focused on developing innovative and secure
technologies, acquiring and growing profitable advanced technology
companies and global communications service providers and creating
strategic alliances with companies in complementary product lines
and service industries.
More information about Ariel Way
can be found on the web at http://www.arielway.com.
Forward-Looking Statements: Certain of the statements
contained herein may be, within the meaning of the federal
securities laws, "forward-looking statements," which are subject to
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. See the
Company's latest Form 10-KSB for a discussion of such risks,
uncertainties and other factors. Any forward-looking statements are
made pursuant to the Private Securities Litigation Reform Act of
1995 and, as such, speak only as of the date made. These
forward-looking statements are based on management's expectations
as of the date hereof, and the Company does not undertake any
responsibility to update any of these statements in the
future.
SOURCE Ariel Way, Inc.