GDET Announces Significant Reduction in Outstanding Shares Ahead of Planned Strategic Initiatives
FORT LEE, NJ -- October 15, 2019 -- InvestorsHub NewsWire -- GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”), an emerging leader in the CBD, Blockchain, and Luxury Retail markets, is pleased to report that the Company has reduced its outstanding share count by 200 million shares through returning to treasury shares originally created as back-pay compensation for the Company’s CEO, Anil Idnani.
Mr. Idnani commented, “I believe I will ultimately be best compensated by growing confidence from current and prospective investors, which is most likely to result, in part, from this Company doing anything and everything we can to demonstrate to the market our absolute commitment to a shareholder-friendly path as we begin to replace hope and promise with tangible sales growth and game-changing partnerships in the weeks and months ahead.”
Management notes that the Company, through its wholly-owned subsidiary, The Greenery (thegreeneryco.com), has successfully cultivated a large and fully paid-for inventory of premium quality CBD-based products targeting a diverse consumer demographic spanning from active lifestyle to pet care. The Company will soon be releasing details about its aggressive distribution strategy to monetize this inventory and amplify brand awareness.
In addition, following the Company’s successful negotiation of a new long-term contract with electricity providers, including new rates set to lower annual all-in production costs for its cryptocurrency mining farm as much as 41%, GDET is in position to make a number of exciting announcements as part of a planned debt-free expansion of its Blockchain segment.
“We are riding a wave of extraordinary momentum on the operational side right now, and we have a number of extremely powerful catalysts set to roll out over the coming weeks,” continued Mr. Idnani. “But our first task is to reinforce to the market our total commitment to generating long-term shareholder value in a credible and robust way. Returning these shares to treasury to lighten the load is just the start of that process as well.”
GDET shareholders can expect new updates very soon as the Company continues to execute an aggressive phase of operational development and expansion.
GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.
Safe Harbor Provision Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.
GD Entertainment and Technology
1 Bridge Plaza
Fort Lee, NJ 07024