Update Zippi Shareholders PR will release in the am Oct 7th!
Zippi™ Networks, Inc. Announces Series B Convertible Preferred Shares, for All Shareholders.
SAN JOSE, CA-10/0710- Zippi Networks, Inc. (Pink Sheets: ZIPZD – News), an Applications company focused on delivering entertainment, gaming, and social networking Apps for today’s mobile lifestyle, has today announced approval from the Company’s Board of Directors, to extend Series B Convertible Preferred Shares of ZIPZD.PK, to all shareholders of record, as of October 4, 2010.
Zippi has approved this transaction at a ratio of issuance of, 1 Series B Convertible Preferred Share, for each 100,000 shares of common owned, as of October 4, 2010. These Series B Convertible Preferred Shares are convertible back into common shares at $.00001 per share; the shares carry Anti-Dilutive Provisions along with additional rights and features.
The company asks that each shareholder be prepared to prove legitimate ownership of the shares, and to also assume a nominal issuance and shipping fee of their certificate, directly from and to the company’s transfer agent; no fee’s will be taken by Zippi or any other third party. Inquiries and document requests for participation in the Series B Convertible Preferred are to be directed to investor@Zippi.com .
Zippi CEO Robert A. Rositano Jr. stated, “We regret the conditions that lead to the company’s most recent decision to reverse split the shares of ZIPZ. Zippi has consistently made decisions based on the greater good of the company and its shareholders, at the same time looking toward the viability of the company and its market.” “Zippi has a big market opportunity and must continue to deliver new applications in a timely manner. It would be great to be correct in our decisions 100% of the time, unfortunately this isn’t always the case. Zippi believes the appropriate actions have been taken to move the business forward, proving the value of the business is going to require time, execution, and support. The company values its shareholders and has elected to protect them in a manner best suited for this situation.”
