Infrax Systems (IFXY) to Reduce Issued and Outstanding Shares by 20%
April 07 2011 - 8:30AM
Marketwired
INFRAX SYSTEMS, Inc. (OTCBB: IFXY), a global provider of unified
Smart Grid-related products and services for the Energy and Utility
industries, announced today that the Company's Board of Directors
has agreed to reduce the issued and outstanding shares by
approximately 500,000,000 common shares held by related parties.
The Company will reduce the issued and outstanding shares by
having several major shareholders exchange their common shares for
preferred.
"The Board of Directors believes that this action, by our major
shareholders, demonstrates their long term commitment to Infrax and
their desire to improve shareholder value as we continue to acquire
additional companies," said Paul J. Aiello, CEO of Infrax
Systems.
About INFRAX Systems
Infrax Systems offers a series of interrelated operational
management, communications, and grid security related products and
services known as Secure Intelligent Energy Platform (SIEP). Our
products enable a comprehensive and unified solution for
communications and applications management of the Smart Grid. SIEP™
incorporates a wide array of communications, security, device and
data management tools for Smart Grid applications such as advanced
metering solutions and grid optimization. SIEP platform creates a
unified solution to securely manage Advanced Metering
Infrastructure (AMI) and distribution automation. Infrax's secure
smart grid platform, incorporates a communications transport and
management system (Grid Mesh™), device and data security
management, and ultimately secures intelligent endpoint devices
(SIED). The secure management of the "last mile" backhaul will be
necessary for utilities to implement Smart Grid applications
including AMI, real-time pricing, Demand Side Management (DSM),
Distribution Monitoring and Automation. When combined, these
applications can offer economic, operational and environmental
benefits for utilities, and ultimately the utility's customers.
For INFRAX Systems information, contact Investors@Infraxinc.com
or visit www.infraxinc.com.
Forward-Looking Statements This press release may contain
forward-looking statements covered within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements relate to, among other things, plans and
timing for the introduction or enhancement of our services and
products, statements about future market conditions, supply and
demand conditions, and other expectations, intentions and plans
contained in this press release that are not historical fact and
involve risks and uncertainties. Our expectations regarding future
revenues depend upon our ability to develop and supply products and
services that we may not produce today and that meet defined
specifications. When used in this press release, the words "plan,"
"expect," "believe," and similar expressions generally identify
forward-looking statements. These statements reflect our current
expectations. They are subject to a number of risks and
uncertainties, including, but not limited to, changes in technology
and changes in pervasive markets.
Contact: Media Contact: Infrax Systems, Inc.
investors@infraxinc.com 727-498-8514