Amfil Technologies Inc. Green Lights the Reduction of the Company's Outstanding Share Count By a Minimum of 40%
December 08 2016 - 8:45AM
Access Wire
TORONTO, ON / ACCESSWIRE / December 8, 2016 /
Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to announce to
its shareholders and the investment community that last week the
company's attorney was given the go ahead to contact the Secretary
of State of New York and complete any and all filings necessary to
amend our articles of incorporation and create a preferred share
class. The reason for this is because our CEO & President Roger
Mortimer has committed to retiring between 250M to 350M of his
common stock holdings in the company in exchange for preferred
shares. This roll up of shares owned by our majority shareholder in
exchange for non-trading preferred shares should emphasize the long
term commitment to the shareholders, and furthermore provides the
ability for us to make potential acquisitions in the future in a
non-dilutive manner.
With the company's public float with the DTC being under 200M
shares yet our outstanding share count being over 700M shares,
there was a bit of a disconnect in terms of our overall share
structure. By having approximately 250M to 350M shares of the
company's outstanding common stock retired, shareholders should see
a dramatic reduction by a minimum of 40% of the company's current
outstanding share count.
The company cannot give the exact date that this share reduction
will take effect at this time however it is working diligently to
get this process completed as soon as possible and does not expect
that it will take very long. An announcement will be made verifying
completion once this has been finalized and we will also be
addressing progress within our operating subsidiaries shortly as
well.
We thank our shareholders for being a part of our company and
are excited for what the future has in store for us.
Safe Harbor Statement
This news release contains statements that involve expectations,
plans or intentions (such as those relating to future business or
financial results, new features or services, or management
strategies) and other factors discussed from time to time in the
Company's Securities and Exchange Commission filings. These
statements are forward-looking and are subject to risks and
uncertainties, so actual results may vary materially. You can
identify these forward-looking statements by words such as "may,"
"should," "expect," "anticipate," "believe," "estimate," "intend,"
"plan" and other similar expressions. Our actual results, such as
the Company's ability to finance, complete and consolidate
acquisition of IP, assets and operating companies, could differ
materially from those anticipated in these forward-looking
statements as a result of certain factors not within the control of
the company such as a result of various factors, including future
economic, competitive, regulatory, and market conditions. The
company cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
The company disclaims any obligation subsequently to revise any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
CONTACT:
Roger Mortimer
President
Amfil Technologies Inc.
Telephone: (647) 880-5887
Email: ir@amfiltech.com
SOURCE: Amfil Technologies Inc.
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