Cache Elite (OTCPK: ILUS) Announces 40 Million Share Cancellation and LOI
November 30 2018 - 8:21AM
InvestorsHub NewsWire
Scottsdale, AZ -- InvestorsHub NewsWire -- Nov. 30, 2018
-- Cache Elite Inc.. (OTC
PINK: ILUS), an acquisition and development Company, today
announced that its Board will cancel 40 Million shares of free
trading common stock previously issued. These shares are currently
in the float and have never been traded. They will be returned to
the treasury in the first quarter of 2019 until cancellation.
Further, ILUS today confirmed that there will be no reverse splits
of its common stock and 350,000,000 shares will stay restricted for
2018 as well as 2019.
The ILUS Board also stated the company has entered into an LOI with
a development company that was negotiated and approved by a special
committee (the "Special Committee") of the board of directors of
Company (the "Board") on an arm's length basis. The Special
Committee, comprised of independent Board members, was established
by the Board to identify, evaluate and consider strategic
alternatives available to ILUS with a view to enhancing shareholder
value. Scheduled to close at the end of Q4 2018 or sooner,
information will be released as commitments are
consummated.
Safe Harbor Statement: This news release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. These statements are
subject to uncertainties and risks including, but not limited to,
product and service demand and acceptance, changes in technology,
economic conditions, the impact of competition and pricing,
government regulation, and other risks described in statements
filed from time to time with the Securities and Exchange
Commission. All such forward-looking statements whether written or
oral, and whether made by or on behalf of the Company, are
expressly qualified by the cautionary statements that may accompany
the forward-looking statements. Also, the Company disclaims any
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
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