Findit Inc Announces Restructuring of Equity Conversion of Common Stock to Preferred Stock Greatly Reduces Outstanding Shares
March 03 2016 - 2:27PM
InvestorsHub NewsWire
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Atlanta, GA -- March 3, 2016 --
InvestorsHub NewsWire -- Findit, Inc. (OTC Pinksheet:FDIT),
an innovative social media management company, today announced that
it has swapped 1.3 billion shares of its Common Stock
for Series B Convertible Preferred Stock. In connection with
the swap, the holders of the Common Stock being swapped,
LinkMyFan, Inc. and WooEB, Inc., have agreed not to
convert their Preferred Stock for a period of 18 months as of
December 31st, 2015.
“This benefits our Common Stock
Shareholders,” said Raymond Firth, President of Findit, “by
reducing the outstanding Common Stock and emphasizing the long term
commitment of our shareholders receiving the Preferred
Shares.”
Outstanding Common Stock will be
reduced from 1,629,170,032 to 329,170,032 shares. Of these
329,170,032 shares outstanding, a minimum of 238,102,079 are
restricted under Rule 144. This would limit the amount of shares
that can be sold under Rule 144 to a maximum number, based on 1%,
of only about 3,300,000 every 90 days. Prior to the conversion
it was over 16,000,000 shares per 90 days.
The Company estimates the number of
Common shares restricted that have not been freed up by
shareholders that hold restricted certificates at approximately
26,984,295 bringing the total number of restricted shares to
260,568,079 leaving approximately 59,327,077
shares of Common Stock in the
float.
About Findit®
Findit, Inc. owns and
operates the websites: www.Findit.com, TransWorldNews, LinkMyFan,
WooEB and LinkMyStock. Findit is a Social Media Campaign Management
interactive search engine platform that provides Members the
ability to post, share and manage their content. Once they have
posted in Findit we ensure the content gets indexed in Findit.
Findit provides an open platform for anyone to submit URLs that
they want to have indexed in Findit along with posting status
updates through Right Now. Status Updates posted in Findit can be
crawled by outside search engines to assist in additional organic
indexing. All post can be shared to another eight prominent social
and bookmarking sites. Findit provides Real Estate Agents the
ability to create their own Findit Site where they can pull in
their listing and others through their IDX account. Findit also
offers News and Press Release Distribution. Findit, Inc. is focused
on the development of monetized internet based web products that
increase brand awareness of both private and public companies along
with individuals, entrepreneurs and artists. Our press release
distribution services have over 285 publishers to assist our
members in building brand awareness.
Safe Harbor Statement:
This press release contains forward-looking information within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), including statements regarding
potential sales, the success of the company's business, as well as
statements that include the word "believe" or similar expressions.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Findit®, Inc. to differ materially
from those implied or expressed by such forward-looking statements.
This press release speaks as of the date first set forth above, and
Findit®, Inc. assumes no responsibility to update the information
included herein for events occurring after the date hereof. Actual
results could differ materially from those anticipated due to
factors such as the lack of capital, timely development of
products, inability to deliver products when ordered, inability of
potential customers to pay for ordered products, and political and
economic risks inherent in international trade.
Contact:
Findit,
Inc.
1 404 443
3224
info@findit.com
www.findit.com
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