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DigitalTown, Inc. (DGTW)

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Last Post: 3/5/2021 4:57:23 PM - Followers: 263 - Board type: Free - Posts Today: 4

DigitalTown Inc.

OTC: DGTW

 


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
#13396  Sticky Note BOOOM! $DGTW SubV eligibility has now been posted Dutch 02/11/21 06:44:23 AM
#12999  Sticky Note This company has no business operations, no employees trader59 02/07/21 04:15:15 PM
#12440  Sticky Note According to our DD, the judge will grant Porteño 01/26/21 08:45:26 AM
#10712  Sticky Note dipANDrip, with this huge DGTW Judge Approval tweet... stervc 12/23/20 09:24:43 AM
#7716  Sticky Note DGTW Common Shares Remain Intact & Much More Intel... stervc 11/24/20 09:06:47 AM
#13751   Definitely consolidation ace! We moved well beyond that benjimane 03/05/21 04:57:23 PM
#13750   Bottom consolidation IMO Ivegotanace2 03/05/21 10:08:55 AM
#13749   Bottom feeder Mega Bounce imminent ;-) Ivegotanace2 03/05/21 08:47:55 AM
#13748   Good to see ya Penny2Dime. reaper247 03/05/21 12:56:59 AM
#13747   Possible bottom at.0014? Hope so because are benjimane 03/04/21 11:15:30 PM
#13746   Looks great Now ;-) .0014 was definitely the bottom! Ivegotanace2 03/04/21 10:29:11 PM
#13745   Hey Reaper, Any idea what’s going on here?! Penny2Dime 03/04/21 10:22:41 PM
#13744   I just want a good down payment on frenchdip3 03/04/21 08:23:23 PM
#13743   Missed my .0009 order yesterday on hcmc... ready frenchdip3 03/04/21 08:18:55 PM
#13742   Come on .0009 before PR.... frenchdip3 03/04/21 08:17:29 PM
#13741   Honestly I don’t have a clue why they Capitalvaluetrade 03/04/21 07:40:07 PM
#13740   Maybe .0009. Definitely great buying op if you Natureboy1 03/04/21 07:01:39 PM
#13739   Agree! Gooo DGTW! benjimane 03/04/21 06:06:40 PM
#13738   Tons of Pacer activity today. Possibly another update? nbooch 03/04/21 03:18:54 PM
#13737   It's all red for the past 2 weeks everywhere... Papaul21 03/04/21 12:46:20 PM
#13736   Agree jbnavy 03/04/21 12:22:28 PM
#13735   Judging by the entire market, patience might be kingBach 03/04/21 11:51:00 AM
#13733   Stuck....how low can it go kingBach 03/04/21 10:39:37 AM
#13732   .0014 Bid ??? Wow Ivegotanace2 03/04/21 10:34:01 AM
#13731   I'm far from an expert but I don't kingBach 03/04/21 10:16:57 AM
#13730   Looking good jbnavy 03/04/21 10:08:20 AM
#13729   They do whatever they want!! Penny2Dime 03/04/21 09:33:29 AM
#13728   CURVE BALL COMING? Web76 03/03/21 05:29:30 PM
#13727   Day will come and it will be postponed doingfine 03/03/21 03:06:18 PM
#13726   Sounds like a plan to me!! WOOOOOOOOO!! LETS benjimane 03/03/21 02:46:37 PM
#13725   Its not the POR date, company's text yesterday NorthShoreTrading 03/03/21 02:40:00 PM
#13724   The only thing left to do here is Natureboy1 03/03/21 01:23:29 PM
#13723   That is the POR date. Because they need MASTERULTRA 03/03/21 10:34:59 AM
#13722   DigitalTown @Digi_Town · 17h The courts have now scheduled a Status Conferen Opachki 03/03/21 09:01:37 AM
#13721   BINGO!!! POR COMINGGGGG! NO BRAINER! Judicial system can't benjimane 03/02/21 10:39:33 PM
#13720   I thought it could be when the wall kingBach 03/02/21 09:59:12 PM
#13719   So why have a court date March 18th? NorthShoreTrading 03/02/21 09:55:01 PM
#13718   Hard to say considering Courts have already approved SharpsMillions 03/02/21 09:45:40 PM
#13716   Yes, that is correct. trader59 03/02/21 08:53:16 PM
#13715   This baby will be back to Copper sooner texaschris22 03/02/21 06:29:47 PM
#13714   The $5m funding... Web76 03/02/21 05:06:21 PM
#13713   Well I guess we will NOT hear of NorthShoreTrading 03/02/21 03:40:17 PM
#13712   Explains the dead silent volume SharpsMillions 03/02/21 03:35:23 PM
#13711   Thinking that's not the POR court date NorthShoreTrading 03/02/21 03:24:00 PM
#13710   Right, now it needs to move to the SharpsMillions 03/02/21 03:18:13 PM
#13709   Correct, this stock will NOT be halted. Up nbooch 03/02/21 03:14:46 PM
#13708   Why hasn’t the company announced anything on their kingBach 03/02/21 03:12:00 PM
#13707   So I guess this one can come off sirius22 03/02/21 03:09:45 PM
#13706   Great news SharpsMillions 03/02/21 03:07:00 PM
#13705   $DGTW Notice of Status Conference scheduled 3/18 posted nbooch 03/02/21 02:52:04 PM
#13704   $DGTW Notice of Status Conference scheduled 3/18 posted nbooch 03/02/21 02:52:01 PM
#13703   Yep that's what I'm thinking although its good sirius22 03/02/21 10:52:15 AM
#13702   DGTW once this .0028 wall falls it’s go time Longer Than Most 03/02/21 10:50:38 AM
#13701   Well slow and steady is the jam here sirius22 03/02/21 10:47:48 AM
#13700   That's exactly what in doing Penny! Accumulating the benjimane 03/01/21 03:36:10 PM
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