TAUTACHROME Inc. updates and summarizes the status of its common share retirements activity
November 07 2016 - 9:30AM
Tautachrome, Inc. (OTC-PINK:TTCM) today provided an update and
summary of the share retirement activity for its principal
shareholders.
The intention of Tautachrome management is to keep its
shareholders abreast of things that matter to the Company.
In this quarter the Company has undertaken a share retirement
activity which will result in a substantial reduction in the number
of the Company’s outstanding common shares. The reduction is being
accomplished by the retirement of much of the shares owned by its
principal shareholders: Dr. Jon N Leonard, Matthew W Staker, and
Micheal P Nugent.
Tautachrome currently has 3,000,633,430 shares of issued and
outstanding common stock. Prior to the retirement of common shares
by its principal shareholders this is the only class of the
Company’s capital stock that is issued and outstanding.
A total of 1,379,510,380 shares of Tautachrome common shares
will be retired by our principal shareholders, reducing the issued
and outstanding shares of common stock from 3,000,633,430 shares to
1,621,123,050 shares.
The 1,379,510,380 retiring shares are being retired
incrementally in two steps: 727,613,893 in step 1, which is in
progress now, and the balance of 651,896,487 shares in step 2,
scheduled to complete on November 15, 2016.
Retirement is being implemented by issuing the principal
shareholders 1 share of a new series D preferred stock for each 100
shares of retired common stock. The voting power of each principal
shareholder is conserved by providing each preferred share with 100
votes in any shareholder voting decision. The preferred shares will
not convert back to common shares until held for 5 years or until
the common stock becomes listed on a national exchange such as
NASDAQ or reaches a share value of $3.00 per share for a period of
time.
Dr. Jon N Leonard, Tautachrome CEO said “The retirement of
shares owned by the principal shareholders in exchange for
non-trading preferred shares with a long holding period, aims to
undergird the long- term commitment our principal shareholders have
to Tautachrome. In addition, aiming to grow company value and stock
liquidity, we are deploying resources to better tell the
Tautachrome story to potential investors, and to raise public
awareness of how our flagship KlickZie technology can beneficially
affect users across the globe.”
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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