Software as a Service Provider, F3 Technologies, Inc., Updates its Valued Shareholders. 'Reducing Authorized Shares by 86%'
September 26 2013 - 11:13AM
OTC Markets
Software as a Service
provider, F3 Technologies, Inc., Updates
its Valued Shareholders.
?Reducing Authorized Shares by 86
%?
ALPHARETTA,
GA ? F3 Technologies, Inc., (OTC Markets: FTCH), a
Software as a Service (SAAS) company
engaged in mobile and cloud based, Software as a Service platforms
for certain
key industries, is pleased to issue this update to the investment
community.
As most of you
know 2011 and 20012 began a
difficult cycle for F3 Technologies with the impact of a distressed
global
economy causing many companies to redefine their concept of success
as mere
survival. As the economy moves forward into what appears to be
a modest upswing,
we at F3 are cautiously optimistic and are determined to emerge
from economic
downturn as a leaner, stronger and more competitive SAAS
provider.
On September 5,
2013 Jeffrey S. Cosman took over
the operations of F3 as the CEO and majority shareholder and
immediately hit
the ground running, while personally investing his own
capital in the future of F3. In his first 3 weeks as the new
CEO of F3, Jeff
has completely revitalized the efforts and determination to see F3
become a
success in 2013.
Since taking
over, F3 has;
?
Executed
documents to reduce the authorized shares from
3,002,000,000 to 402,000,000 which is an 86% reduction
?
Eliminated
roughly $460,000 worth of debt owed to the former CEO
?
Acquired
cConnects and cDetails platforms from COVI Point, LLC
?
Maintained
its current share float of roughly 7,500,000 common
shares
?
Hired
4 new additional programmers to complete IDS by late
November
?
Signed
an NDA with a $35 billion dollar company to discuss and
conduct due diligence on cConnects
?
Filed
all delinquent past quarterly reports with OTC Markets
?
Filed
all annual financial reports with OTC Markets
?
Brought
OTC Market status up from ?Stop Sign? to ?Yield Sign? and
is seeking to go ? PS Current Filer?
?
Signed
Agreement with majority debt holder to eliminate Warrants due
which may have resulted in the issuance of hundreds of millions of
shares
significantly reducing its potential dilutive
liabilities.
?All this in the first 3
weeks.
?The first few
weeks activities were all
contemplated to strategically position F3 for immediate financial
success with
a goal of shareholder value appreciation.
It is imperative that we work to significantly increase
shareholder
value with a vision that the F3 stock be as attractive as cash to
potential
acquisition candidates already targeted.?
Stated Jeffrey Cosman, CEO of F3 Technologies, Inc.
?In
the next few weeks F3 intends to;
?
Undergo
a name and ticker symbol change to more accurately reflect
the new direction of the company
?
Engage
an auditor and legal counsel for the purposes of moving to
the OTCQX, OTCQB or better
?
Enter
into an LOI with and announce F3?s second acquisition
target
On April 2,
2013, the U.S. Securities and
Exchange Commission issued guidance permitting companies to use
social media
sites including Facebook Inc. (FB) and Twitter Inc. to communicate
company
announcements F3 encourages the
investment community to follow all F3 developments as it starts its
practice of
releasing news and other financial and product updates on its
Facebook page at
https://www.facebook.com/pages/F3-Technologies/461042987299984as
well as its Twitter
feed at https://twitter.com/f3technologies.
ABOUT F3
TECHNOLOGIES, INC. F3 Technologies is Software as a
Service (SaaS)
platform provider that creates mobile and cloud based platforms
and
applications for industries ranging from law enforcement and
municipalities to
entertainment and B2B enterprises. Its products includes;
Interactive Defense
System TM, for law enforcement and
other municipal departments; cConnectsTM, for
efficient
communication and fleet/asset management using mobile and web based
portals; and
FargoTubeTM (http://www.fargotube.com), a scalable
and
mobile platform for online distribution and social networking of
entertainment
professionals and their content.
Follow
us on Twitter: http://twitter.com/f3technologies
Forward-Looking
Statements
Comments are based
on current
management expectations, and are considered "forward-looking
statements," generally preceded by words such as "plans,"
"expects," "believes," "anticipates," or
"intends." We cannot promise future returns. Our statements
reflect
our best judgment at the time they are issued, and we disclaim any
obligation
to update forward-looking statements as the result of new
information or future
events. We urge investors to review the risks and uncertainties
within its
filings with the OTC Markets and/or Securities and Exchange
Commission.