TAUTACHROME Inc. Announces Filing of its Series D Preferred Shares
October 27 2016 - 9:15AM
Tautachrome, Inc. (OTC-PINK:TTCM) today announced the designation
of 13,795,104 shares of Series D Convertible Preferred Stock, to be
issued in exchange for the retirement of 1,379,510,380 shares of
Tautachrome common stock owned by several of the company’s
insiders.
Under the terms of the intended exchange, every 100 shares of
common stock retired will be exchanged for one share of the new
Series D preferred stock. The voting power of the participating
insiders as a group, and the relative voting power between the
insiders individually, will be unchanged. Each Series D preferred
share will have 100 votes in any shareholder action.
Each Series D preferred share will automatically convert into
100 shares of common stock after five years, subject to the right
of each holder to convert earlier upon the occurrence of certain
specified events. One such event will take place if the
average closing price of the Company’s stock on the OTC markets is
at least $3.00 per share for five consecutive trading days, at
which point the holder may convert each Series D preferred share
into 100 shares of the Company’s common stock.
The other event that will allow holders of Series D preferred
stock to convert prior to the expiration of the five year period is
a listing on either the Nasdaq or the NYSE stock exchanges.
Upon such a listing, each share of Series D preferred stock may be
converted into 110 shares of common stock, which includes a 10%
incentive bonus to the holders.
Dr. Jon N Leonard, CEO said “I believe that the retirement of
over a billion and a quarter common shares from our issued and
outstanding common stock will benefit the Company and its
shareholders. Furthermore, the lengthy holding period demonstrates
the substantial commitment of our management and principal
shareholders to the success of the Company and its flagship
KlickZie technology.”
About Tautachrome, Inc.
Tautachrome, Inc. (OTC-PINK:TTCM) is an emerging growth company
in the developing digital imagery technology sector.
Tautachrome is an Internet technology development company with
operations in America and Australia. Tautachrome has revolutionary
patents pending, including Talk-to-the-Picture social networking
and trustable imagery-based interaction.
Safe Harbor Statement Statements made in this press release are
forward-looking and are made pursuant to the safe harbor provisions
of the Securities Litigation Reform Act of 1995. Risk factors that
could cause actual results to differ materially from those
projected in forward-looking statements include, but are not
limited to, general business conditions, managing growth, and
political and other business risks. All forward-looking statements
are expressly qualified in their entirety by this paragraph and the
risks and other factors detailed in Tautachrome's reports filed
with the Securities and Exchange Commission. Tautachrome undertakes
no duty to update these forward-looking statements.
Contact: Tautachrome, Inc.
Tel: +1 520 318 5578
Web: www.tautachrome.com
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