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5.85 Million Shares Purchase within 12 months
SPRINGFIELD, OH / ACCESSWIRE / March 28, 2018 / The CEO of HUTN, Inc. (OTC PINK: HUTN) has purchased 3,225,000 shares of HUTN, exercising a right under his employment agreement. The shares were purchased for $0.31 per share. This brings his total purchases to 5.855 million shares in the last 12 months.
Christopher Daniels, the company's CEO, said, "I believe in the company's future and cannot think of a better way to show that than to risk my own personal capital to buy a significant number of shares."
Unlike many CEOs who win even if shareholder's don't, compensation under Mr. Daniels employment contract is geared to performance and to alignment with shareholder interests. His base salary is just one dollar per year and any bonuses and stock options are contingent upon performance. Last month the Board extended his contract by a year.
Mr. Daniels purchased the shares directly from the company in a private transaction. The shares were issued under an exemption from registration under Reg D of the Securities Act of 1933 as amended. The shares carry a legend and, unless registered, they cannot be sold for at least one-year, except pursuant to an applicable exemption. In return for the unregistered shares, the company received a balloon note that matures in five years at an effective fixed rate of 4.50%.
SPRINGFIELD, Ohio, January 25, 2018, /PRNewswire/ HUTN Group Inc., a unit of HUTN, Inc. (OTC: HUTN) closed on a $4.6 million financing by JP Morgan Chase. HUTN Group will allocate the resources to support product development and marketing of new digital services by subsidiaries EF Hutton, Inc., Vibrant Mobility, Inc. and Megga, Inc. Funds will be used for general corporate purposes, and the redemption of existing, high-cost floating-rate debt yielding 8.50%. The financing is due on February 1, 2019 was guaranteed by major shareholders and carries afixed rate of only 3.04%.
JP Morgan Chase is a leading global financial services firm and one of the largest banking institutions in the United States with operations worldwide.
According to HUTN CEO Christopher Daniels, the financing will add fuel to the execution of our marketing strategies, supporting customer development and user acquisition for the various products and platforms of our subsidiaries. We appreciate JP Morgans decision to finance HUTNs growth.
About HUTN, Inc.
HUTN, Inc. is a holding company whose subsidiaries provide B2C internet services. HUTN Group Inc., a wholly owned subsidiary of HUTN, Inc. is the parent company of: (i) EF Hutton, Inc., a provider of digital finance and investment services, and a legendary brand that has been known for innovation for over 113 years; (ii) Vibrant Mobility, Inc., a mobile communications services provider; and, (iii) Megga, Inc., an integrated social networks andonline services provider. HUTN, Inc.s subsidiaries offer innovative financial products designed to work for everyday people. HUTN, Inc. stock is traded under the symbol HUTN. Learn more at www.efhutton.com.
Cautionary Note Regarding Forward-Looking Statements. Certain statements contained in this press release that are not historical facts may constitute "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
EF Hutton, Inc., Vibrant Mobility, Inc., and Megga, Inc. are subsidiaries of HUTN, Inc.
