247MGI Moves One Step Closer to Closing Merger
August 12 2011 - 7:30AM
Business Wire
247MGI, Inc. (OTC: TOFS) (“247MGI”) has taken a giant leap
forward toward closing its pending merger. The Company yesterday
posted Annual reports for fiscal years 2007, 2008, 2009 and 2010.
The Company also reposted its Quarterly report for the period
ending March 31, 2011.
The Company plans on filing the Quarterly report for June 2011
and the Disclosure statement with PinkSheets next week. These
filings along with a legal opinion from our counsel will allow the
Company to be upgraded to a “PK” listing from its current “Yield”
status.
The Company took longer then expected to complete the past
years, but wanted to make sure it had done enough work to supply
its auditors with enough information to ease the process of
completing audits for fiscal years 2009 and 2010. The Merger is not
dependant on the audits being complete or started, the Company just
wanted to be in a position to begin working on them once the Merger
is complete.
The Company over the coming weeks will reduce the Authorized
shares of Common stock to 1,600,000,000, at which time Matthew
Dwyer the CEO shall convert 1,781,000,000 shares of his Common
stock to Preferred stock.
The Company also pledges to its Shareholders NOT to increase the
authorized shares of the Corporation once reduced to 1,600,000,000
without majority shareholder consent. The CEO will abstain from
voting on this matter so the decision is left up to the individual
shareholders.
The Company has no plans for any type of share restructuring for
its Common stock.
The Company asks Shareholders to monitor PinkSheets.com for
continued developments.
The foregoing press announcement contains forward-looking
statements that can be identified by such terminology such as
“believes,” “expects,” “potential,” “plans,” “suggests,” “may,”
“should,” “could,” “intends,” or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by such statements. In
particular, management's expectations could be affected by, among
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.