ST. PETERSBURG, Fla.,
July 7, 2011 /PRNewswire/ -- INFRAX
SYSTEMS, Inc. (OTC BB: IFXY - News), a global provider of unified
Smart Grid-related products and services for the Energy and Utility
industries, announced today that it had completed the reduction of
approximately 20% of the issued and outstanding common shares. As
previously announced, Infrax's Board of Directors had approved the
conversion of 500,000,000 common shares held by related parties to
preferred shares.
The preferred shares issued in exchange for the common shares
have all of the same rights as the common shares and do not provide
any preferential voting or security rights.
"We believe that this action demonstrates our close relationship
with our major shareholders and their commitment and dedication to
our Company," said Paul Aiello,
Infrax Systems CEO.
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
SOURCE Infrax Systems, Inc.