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DigitalTown, Inc. (DGTW)

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Last Post: 5/9/2022 12:20:48 AM - Followers: 224 - Board type: Free - Posts Today: 0

DigitalTown Inc.

OTC: DGTW

 


More updates updates pending.

Note from reaper247:  Unfounded and false claims that DGTW is being promoted  (pump and dump) made on the DGTW board and lower portion of the ibox, should be dismissed as buffoonery, until such time that those claims can be validated through publically verifiable information.


(Updated From Moderator: stervc)
https://www.otcmarkets.com/stock/DGTW/news/story?e&id=1696192
DigitalTown, Inc. to Use Voluntary Chapter 11 Process to Position Business for Long-Term Success

NEW WESTMINSTER, BC, Sept. 21, 2020 (GLOBE NEWSWIRE) -- DigitalTown, Inc. (OTC: DGTW) (the “Company”) announces that the Company has filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Minnesota, St. Paul Division, paving the way for business continuity, profitability and sustained growth in shareholder value.

Following the announcement of a new management team in May 2019, DigitalTown began making substantial progress on their commitment of cleaning up the Company’s balance sheet and exploring opportunities that would bring value to the Company’s shareholders. DigitalTown was successful in converting over $2 million of debt into stock and structuring a go-forward plan with appropriate financing measures. The plan’s execution was conditional on negotiating a satisfactory resolution with its former CEO who had an active, previously disclosed lawsuit against the Company at that time. DigitalTown’s various negotiation efforts were unsuccessful, leading to the granting of a summary judgment motion in favor of the Company’s former CEO due to the Company’s inability to access resources to formally defend itself.

Since that time, this same party has filed another lawsuit against the Company and has made hostile threats of additional suits against the Company as well as personal suits against directors and officers, unless management resigned and turned over control of the Company to him. DigitalTown’s management has been working on a detailed plan for moving the Company forward and realizing value for shareholders and all stakeholders, and is prepared to execute on this plan after a successful reorganization. In the absence of an alternate, genuine plan for the business clearly articulated by any other party, management would have considered it a breach of its fiduciary duty to turn the Company over to anyone to simply avoid the inconvenience of threatened, specious lawsuits.

“After careful consideration of all challenges and alternatives, we firmly believe that our Chapter 11 process represents the best long-term solution for DigitalTown to address its legal and liquidity challenges and to strengthen its operations for future growth and profitability,” said Sam Ciacco, CEO and Chairman of the Board of DigitalTown.

DigitalTown's approach to leveraging the benefits of Chapter 11 allows the Company to emerge with a healthy balance sheet and reorganize its debt and fairly treating creditors, while ensuring existing shareholders retain their equity stakes. Management decided on this preferred alternative to a Chapter 7 Bankruptcy in which the positions of DigitalTown’s creditors and shareholders positions would be entirely lost. This remains a possible outcome should the Company’s plan be obstructed in some way.

DigitalTown’s board and management is appreciative of the support and endorsements received to date from so many of its stakeholders.

About DigitalTown

Founded in 1982, DigitalTown has serviced various sectors from sports to computer training to computer hardware and software. DigitalTown develops turn-key hosted solutions for economic development, civic engagement and digital inclusion platforms for both web and mobile devices, improving the quality of life for residents and visitors in cities around the world.

Contact:
Sam Ciacco
CEO
communication@digitaltown.com
425-577-7766

__________________________________________________________



This company filed for bankruptcy on September 8, 2020, then PR'd it on September 21, 2020.

Filing for bankruptcy says $2501 in assets, $3.5M in unsecured claims.

You heard that right, this company with 2.9B shares in its O/S has $2501 in assets and $3.5M in unsecured claims.

They are severely delinquent in their financials, the last ones published showed ZERO Revenue. 

The stock has traded at a PPS of $0.0001 for over a year.  Nothing about going bankrupt makes this company more valuable.  Nothing about the company saying they'll leave the stock standing makes it worth more than it was for the year leading up to the bankrutcy filing.

The RS they wanted to do so they could dump more stock was denied.

This is a pump and dump, another Q stock bagholder's exchange program.  And, yes, they'll get their Q once FINRA learns of the bankruptcy.
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PostSubject
#15056  Sticky Note I'd recommend reading it. It is factual. trader59 11/03/21 11:37:26 AM
#15291   Hey there Penny2Dime, good to see ya. reaper247 05/09/22 12:20:48 AM
#15290   Hi Reap, What does “terminated” mean? https://www.pacermonitor.com/public/case/ Penny2Dime 05/07/22 10:44:50 PM
#15288   Just checking in on DGTW. GLTA. EOM. reaper247 04/28/22 12:34:31 AM
#15286   They’re just wash trading shares so they can trader59 03/24/22 08:26:22 AM
#15285   Hey there Penny2Dime, reaper247 03/24/22 12:31:44 AM
#15284   Hi Reap! Is there any possibility of surviving? Penny2Dime 03/23/22 06:30:53 PM
#15283   Just checking in on DGTW. GLTA. EOM. reaper247 03/15/22 01:05:44 AM
#15282   Maybe Alittle bump to 0007 hopefully jbnavy 02/11/22 11:58:41 PM
#15281   Short squeeze on 48,395 shares of short interest? trader59 02/11/22 09:30:28 PM
#15280   Hoping for a short squeeze here jbnavy 02/11/22 09:20:06 PM
#15279   Just checking in on DGTW. GLTA. EOM. reaper247 02/11/22 12:48:30 AM
#15278   Ever play that game "Time Bomb" as a trader59 02/07/22 11:33:54 AM
#15277   So it's just another shell. It can still green maschine 02/07/22 11:30:57 AM
#15276   Ty T59! Pennyes 02/01/22 06:08:36 PM
#15275   The company is liquidated and shut down completely. trader59 02/01/22 05:11:32 PM
#15274   So, what is next, if the Judge converted Pennyes 02/01/22 02:25:14 PM
#15273   Let’s go to 003 please jbnavy 01/19/22 02:50:32 PM
#15272   We don't need Sam for this to understand DDA 01/19/22 08:49:40 AM
#15271   Per Sam..It's Over 757 01/13/22 06:57:46 PM
#15270   You mean actual traders making profits? LOL. EOM. reaper247 01/10/22 10:30:05 PM
#15269   Bottom feeders hoping to flip a dead stock trader59 01/10/22 12:32:47 PM
#15268   crazy volume on Friday ... ???? Timing101 01/10/22 12:27:39 PM
#15267   Once a company goes from Chapter 11 to trader59 01/07/22 04:11:41 PM
#15266   Thanks for clarification, trader59. Web76 01/07/22 03:49:36 PM
#15265   looks like something is brewing very good here getthem1 01/07/22 03:31:23 PM
#15264   Well, you know that Chapter 7 cannot be trader59 01/07/22 02:42:18 PM
#15263   Why all of the volume in here today? AlwaysKing 01/07/22 02:33:59 PM
#15261   I hope you are right, trader59. Web76 01/07/22 02:25:22 PM
#15260   Bottom feeders hoping to turn .0002's into .0004's trader59 01/07/22 12:43:53 PM
#15259   why is this BK junk bouncing traders looking 12ka 01/07/22 10:11:33 AM
#15258   DGTW...0003s clearing here...:partying_face: georgie18 01/07/22 09:38:22 AM
#15257   Just grabbed a little starter here. Fun Coupons 01/04/22 02:49:54 PM
#15256   Just checking in on DGTW. GLTA. EOM. reaper247 01/04/22 12:24:44 AM
#15255   Why are people buying when they said chapter Newc 12/30/21 11:14:44 AM
#15254   DGTW...0002...gonna clear those .0002s here...imo...we shall see...:partying_fac georgie18 12/30/21 11:10:58 AM
#15253   lol This one will be shut down and EmptyBones 12/30/21 12:44:37 AM
#15252   Sell your wallet until you can!! batatinha 12/22/21 02:47:23 PM
#15251   Anybody Contacted Sam Recently? 757 12/22/21 08:06:08 AM
#15250   Me :-) Harold 12/20/21 08:24:30 PM
#15249   Who’s buying this crap?? batatinha 12/20/21 03:58:04 PM
#15248   Sell sell sell batatinha 12/17/21 02:34:19 PM
#15247   Buy buy buy lol jbnavy 12/17/21 02:22:40 PM
#15246   Talking craft, not speculation Oracle 12/17/21 12:20:27 AM
#15245   Seems like some luck would be needed for Harold 12/17/21 12:14:59 AM
#15244   I think I deserve at least “3” don’t batatinha 12/16/21 11:10:40 PM
#15243   Sell at 2 while u still can. Big Harold 12/16/21 09:40:05 PM
#15242   you should Harold 12/16/21 08:32:53 PM
#15241   Thanks for the advice!! I will sell everything batatinha 12/16/21 08:05:30 PM
#15240   Is it really so far fetched for what Harold 12/16/21 07:15:45 PM
#15239   From now on with the answer I believe batatinha 12/16/21 07:11:29 PM
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