OMVS: Clarifies Recent 14C Filing
April 27 2018 - 3:27PM
InvestorsHub NewsWire
RENO, NV., April 27, 2018 -- On the Move Systems (OTC
PINK: OMVS) has been receiving numerous inquiries from shareholders
last week related to its preliminary 14C that was filed with the
SEC on Tuesday April 24, 2018. As of the date of this press release
the Company had 131,404,554 common shares issued and outstanding.
As of October 31, 2017 which is 6 months prior to the issuance of
this press release, the Company had 125,004,554 common shares
issued and outstanding. So over the past 6 months the company
issued 6,400,000 additional shares of common stock.
Authorized Common Shares
The Company was and is authorized to issue 480,000,000 common
shares which remains unchanged by the 14C filing becoming
effective. Prior to the 14C and the reverse split becoming
effective the Company was authorized to issue an additional
348,595,446 common shares which is calculated as the difference
between the authorized common shares 480,000,000 and the total
common shares issued and outstanding 131,404,554 which equals
348,595,446.
The reason that the Company spent time and money to file the 14C
to undergo the reverse split and the name change of the company is
NOT in order to be able to issue additional common shares, since
the company was and is already authorized to issue up to an
additional 348,595,446 common shares and in the past 6 months had
issued only 6,400,000 shares. This means that in the past 6 months
the company issued a total of 6,400,000 out of a possible
348,595,446 or roughly only 1.8% of total authorized common shares
that it was authorized to issue.
Reason for 14C Filing
The reason for the reverse split and the name change as
mentioned in the 14C is to allow for the possibility that the
common share price may trade in the dollars range and no longer in
the pennies range so as not to be pooled together with other low
priced issuers who may have dubious business models and future
prospects. As well the name change which is part of this strategy
is being done so that the company’s name would be more in line with
the company’s main business activities which is to deliver
artificial intelligence based products and services to its
clients.
Reverse Split Calculations
The reverse split itself is simply a mathematical calculation
with respect to a shareholder’s dollar value holdings and
percentage ownership in the company. For example if a shareholder
held 100,000 common shares trading at $0.10 for a total value of
$10,000 and there is a 100:1 reverse split, then that shareholder
would end up with 100,000 shares divided by 100 which gives 1,000
shares and the stock price would be multiplied by 100 so if the
closing price was $0.10 the day before the reverse split takes
effect, the next morning the common share price would be $0.10
times 100 equals $10 giving the shareholder the same dollar value
of 1,000 common shares times $10 or $10,000. As well if the company
had 100,000,000 shares outstanding for example then prior to the
reverse split the shareholder in this example would retain a
100,000 divided by 100,000,000 or a 0.1% ownership stake in the
company and after the reverse split becomes effective, the
shareholder would end up with 100,000 divided by 100 or 1,000
shares and total shares outstanding for the company would go from
100,000,000 divided by 100 which equals 1,000,000 so the
shareholder in this example would retain 1,000 shares divided by
1,000,000 or a 0.1% ownership stake in the company, the same
percentage ownership in the company as before. So the shareholder
in this example would be no better or no worse off before the
reverse split as compared to after.
Company’s Recent Accomplishments with SCOT
After recently having launched SCOT at the ISC show in Las Vegas
earlier this month, the company has received significant interest
from both distributors and end users. The company received several
awards for new product innovation and has already deployed some
SCOTs in the field with more to come all in the time span of a few
weeks. The Company expects to sign on new distributors and
deployment agreements on an ongoing basis starting in the immediate
with the deployments that are already at customers locations.
The company may post important information about its subsidiary
RAD on its website at www.Robotic AssistanceDevices.com and through
tweets from RAD President and CEO Steve Reinharz
(https://twitter.com/SteveReinharz)
For more information on the reverse split and name change please
refer to the preliminary 14C filed on www.sec.gov on
April 24, 2018.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING
STATEMENTS
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Statements in this news release other than statements of
historical fact are "forward-looking statements" that are based on
current expectations and assumptions. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by the
statements, including, but not limited to, the following: the
ability of On the Move Systems to provide for its obligations, to
provide working capital needs from operating revenues, to obtain
additional financing needed for any future acquisitions, to meet
competitive challenges and technological changes, and other risks.
On the Move Systems undertakes no duty to update any
forward-looking statement(s) and/or to confirm the statement(s) to
actual results or changes in On the Move Systems expectations.
Investor Relations:Everest
Corporate Advisors Inc.
Jack Thompson
702-902-2361
www.everestcorp.net
Artificial Intelligence ... (PK) (USOTC:AITX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Artificial Intelligence ... (PK) (USOTC:AITX)
Historical Stock Chart
From Apr 2023 to Apr 2024