Umbra Applied Technologies Group Inc (UATG)

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Umbra Applied Technologies Group Corporate Action

TAMPA, FL -- (Marketwired) -- 08/24/16 -- Umbra Applied Technologies Group, Inc. (OTC: UATG) announced today that the Company has affected change in Preferred B shares by reducing the number of outstanding Preferred B shares from 8,000,000 to approximately 740. Mr. Umbra is the largest holder of the Preferred B shares. Mr. Umbra owned 3,000,000 Preferred B shares prior to this change and has 319 shares after this change.

The Company's Common Stock remains unaffected.

UATG continues to believe that the change of the non-trading Preferred B shares, will allow a broader range of potential investors to participate in the ownership of shares, based on technical factors and constraints which previously may have deterred them from doing so. The Company hopes the change of the non-trading Class B shares will mitigate the market price volatility experienced by the common shares in recent months and serve to support the company's pursuit of a NASDAQ Listing.

The Board of Directors believes that the change in the Class Preferred B Shares, will improve the marketability and liquidity of the common stock, and to further facilitate potential future financings. The majority of the Class B Preferred shareholder's approved the change by vote of the Class B shareholders on April 10, 2016 and was also approved by UATG Board of Directors as well as the majority votes of the Preferred B stock holders.

Alex Umbra, Chairman and Chief Executive Officer of UATG, said, "Maintaining our current trajectory towards a NASDAQ listing is very important to the company, its subsidiaries, shareholders, clients and vendors. This change should enable us to attract larger institutional shareholders."