Advanced Content Services, Inc. Retires 200,000,000 Outstanding Shares, Reduces $100,000 in Liabilities
06 Février 2014 - 7:03PM
Marketwired
Advanced Content Services, Inc. Retires 200,000,000 Outstanding
Shares, Reduces $100,000 in Liabilities
Company Works Diligently to Strengthen Assets, Share Structure
Toward Executing Desirable Target Acquisitions
FORT WAYNE, IN--(Marketwired - Feb 6, 2014) - Advanced Content
Services, Inc. (OTC: ADCS) (the "Company") announces the
commencement of a plan to work with present debt holders and former
Company associates to reduce the Company's outstanding liabilities
and retire certain Common Stock owned by formerly affiliated
parties.
Mr. Mark Newbauer, Chairman of the Board, was quoted following
the execution of the resolutions as saying, "Advanced [the Company]
recognizes its long history of an inability to successfully develop
revenues to a net profit, essentially accruing debt as an
obligatory practice for continued operations however; these long
supportive investors now see great enhanced viability in
management's capability to execute the model with a strong focus on
the development of the bottom line."
The first of these settlements agreements were arrived on
Monday, February 3, 2014 without any further cash compensation or
issuance of equity from any class rather, as consideration for the
Company's viability and best interest moving forward creating a
mutually beneficial opportunity to reduce the Company's capital
structure.
1) The Board of Directors (the "Board") agreed by unanimous
written consent, executed in counterpart to accept the retirement
of 200,000,000 Shares of Common Stock presently issued and
outstanding.
2) The Board further agreed by unanimous written consent,
executed in counterpart to accept the forgiveness of interest in
the amount of $100,000 with regards to a Convertible Promissory
Note issued October 15, 2009 reducing the Company's debt.
The Company's goal at present is to establish its best foot
forward to successfully close on presently negotiated acquisition
and contract targets toward long-term growth with a particular
focus on an increase in assets and revenues.
Management will be focusing diligently on strengthening
overall transparency and material value of the Company
alongside its negotiations with third-parties regarding service
agreements and potential acquisitions. Details on these
objectives are forthcoming.
Forward-Looking Statements Certain statements in this news
release may contain forward-looking information within the meaning
of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under
the Securities Exchange Act of 1934, and are subject to the safe
harbor created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and
objectives of the company, are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Technical complications, which may arise, could
prevent the prompt implementation of any strategically significant
plan(s) outlined above. The Company undertakes no duty to revise or
update any forward- looking statements to reflect events or
circumstances after the date of this release.
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