Northstar announces aggressive share buy-back and cancellation
program to reduce outstanding securities by up to 200 million
shares.
HOLBROOK, N.Y., Feb. 27, 2013 /PRNewswire/ -- Northstar
Global Business Services, Inc. Symbol (OTCPink: MDIN), today
announced that it has started implementing an aggressive strategy
to tighten up its share structure and decrease its outstanding
shares by a minimum of one hundred million shares, and a maximum of
two hundred million shares. The decrease will take place through a
combination of share purchases in the open market, and cancellation
of certificates currently issued but not yet deposited. By doing
this, the company hopes to aid in the increase of its share price
to levels that better represent the success of the company.
Northstar's CEO, Nicholas Chieco
explained, "It's truly ridiculous for us to be trading at these
prices considering how much we have accomplished, so by buying back
as much as a hundred million shares in the open market, we can
eliminate any dilution caused by old restricted stock certificates
that have become free trading in the past six months, and then
some. By making deals to cancel another hundred million restricted
shares that are out there, we can avoid that dilution from ever
happening again." The company plans to acquire shares in the open
market up to a price of about ten
cents, or a hundred million shares which ever comes
first.
Once purchased and in the treasury, the company will cancel most
of the shares, keeping only a small amount, about a quarter of
them, available should the company need to fund inventory or
equipment purchases in the future. "It's just smart business to
keep some shares in the treasury. Registrations are time consuming
and costly, so having some shares set aside assures us that if we
run short of capital for any reason, that we have the collateral to
secure investor funding. It's basically insurance so that we don't
miss out on any unexpected opportunities in the future," Mr. Chieco
added.
In addition to the share purchase, the company has struck a deal
to cancel another 100 million shares in restricted equities.
Overall the plan should decrease the company's outstanding
securities by about 200 million shares and chop the public float
almost in half. The company makes it clear that the goal is not
only to build a tremendously profitable business, but to continue
finding ways to decrease the number of shares in circulation, with
the goal of having Northstar in a position to move to a higher
market sooner rather than later. Northstar assures shareholders
that it will continue along this path, and has only just begun
finding creative ways to increase shareholder value.
For more information about Northstar, Contact Jennifer at
1-877-571-4387 or Email: investors@northstarbb.com
About Northstar
Northstar Global Business Services is dedicated to producing the
best alternative healthcare products. The most popular products in
Northstar's arsenal are Snorenz©, a patented spray for snoring
relief and Stem-Intense, a unique stem cell replacement therapy
supplement. Most of the company's products use a unique spray
delivery system, and have received very positive consumer reviews
all over the world, selling millions upon millions of units from
1996 to the present.
DISCLAIMER
This Press Release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The Company has tried, whenever possible, to
identify these forward-looking statements using words such as
"anticipates," "believes," "estimates," "expects," "plans,"
"intends," "potential" and similar expressions. These statements
reflect the Company's current beliefs and are based upon
information currently available to it. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause the Company's
actual results, performance or achievements to differ materially
from those expressed in or implied by such statements. The Company
undertakes no obligation to update or advise in the event of any
change, addition or alteration to the information catered in this
Press Release including such forward-looking statements.
SOURCE Northstar Global Business Services, Inc.