Northstar announces steps to optimize its share structure including
dropping its authorized shares by over 10 billion
HOLBROOK, N.Y., March 12, 2013 /PRNewswire/ -- Northstar
Global Business Services, Inc. Symbol (OTCPink: MDIN), today
announced that the appropriate forms have been filed and fees have
been paid to bring it's standing with the state of Nevada "current and active," an important step
in getting the DTCC Chill removed from the company's securities.
The Nevada Secretary of State
website should be updated within 48 hours with the correct
information to show this change.
The announcement is one that brings relief to the company's CEO,
Nick Chieco, who stated, "We felt
the fees were excessive and unfair, and we did try to negotiate
with them, but we just couldn't delay our plans any longer. I am
relieved to know it is settled one way or the other and we can now
submit our DTCC package to get the chill removed once and for
all."
While lowering the number of authorized shares is important, the
most critical hold up was the application to remove the DTCC
"Chill" that the DTCC placed on Northstar back in 2010. The
documentation that the DTCC requested in order to remove the chill
could not be submitted as long as the company did not have
satisfactory standing with its state of incorporation. Now that it
is current in it's standing, the company can submit it's package
and the DTCC can move forward to process it. The process has
typically taken about 30 days for other firms in the past although
there is no official timeframe.
As part of this process, the company has lowered its number of
authorized shares by over ten billion shares. The number of
authorized shares will now be only one billion five hundred million
(1,500,000,000) shares. This step is being taken not only tighten
up the share structure, but to also help Northstar position itself
to apply for listing on a higher tier exchange in the near future.
Mr. Chieco adds, "Our original plan was to decrease our authorized
shares even lower, but after further research we have discovered
that in order to meet the requirements of some exchanges, having
1.5 billion shares authorized was a better fit for the
company."
In addition to this, the company is pleased to announce that it
has bought back approximately 33 million shares from individual
shareholders as part of its recently announced buy-back program,
which is still in effect and going strong. The company plans to
continue to purchase shares and looking for other ways to increase
shareholder value by tightening up its share structure. The company
continues to show that as it builds its business model and
grows as a company, Northstar will continue to take every
opportunity to maximize value for its shareholders.
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.