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DigitalTown, Inc. (DGTW)

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Last Post: 9/23/2020 1:33:25 AM - Followers: 106 - Board type: Free - Posts Today: 3

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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.

Sam Ciacco


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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DGTW News: Termination of Registration of a Class of Security Under Section 12(g) (15-12g) 08/27/2020 04:37:24 PM
#4051  Sticky Note So what? The shares, all 2.9B of trader59 09/22/20 07:29:20 AM
#4050  Sticky Note With the Sub Chapter 5 under Chapter 11 Bankruptcy... stervc 09/22/20 01:28:15 AM
#4047  Sticky Note Zardiw, respectfully, with the reverse split thought... stervc 09/22/20 12:18:29 AM
#4234   ...probably someone who bought this stock... whocareswhat 09/23/20 01:09:52 AM
#4233   Great. reaper247 09/23/20 01:04:58 AM
#4232   Yes it will go up. Or it may bandit007 09/22/20 11:11:15 PM
#4231   WTF is Gloria Gaynor.....lol Zardiw 09/22/20 11:03:27 PM
#4230   Tansparent means they are spelling out what they Zardiw 09/22/20 11:02:56 PM
#4229   Web76, as a newbee, I'll explain it to you... stervc 09/22/20 10:55:57 PM
#4228   its not official until you play the Gloria [SMART MONEY] 09/22/20 10:50:35 PM
#4227   Good Chapter 5 Implications for $DGTW: Zardiw 09/22/20 10:39:46 PM
#4226   Re: "Ditto... $DGTW pretty transparent ....fwiw......" Web76 09/22/20 10:37:54 PM
#4225   I've gotten 2 EMails from $DGTW CEO Sam Zardiw 09/22/20 10:37:43 PM
#4224   $DGTW under the new Chapter 5 section....it will Zardiw 09/22/20 10:35:26 PM
#4223   Ditto....$DGTW pretty transparent ....fwiw...... Zardiw 09/22/20 10:33:15 PM
#4222   Re: "what I meant was the $2m debt Web76 09/22/20 10:32:55 PM
#4221   Lol....I'm trying to forget......he he Zardiw 09/22/20 10:30:48 PM
#4220   #DDAmanda Chart on: $DGTW: Zardiw 09/22/20 10:29:14 PM
#4219   what I meant was the $2m debt conversion [SMART MONEY] 09/22/20 10:24:31 PM
#4218   Re: "stervc disregard my last question" Web76 09/22/20 10:18:07 PM
#4217   stervc disregard my last question [SMART MONEY] 09/22/20 09:54:27 PM
#4216   https://www.globenewswire.com/news-release/2020/09/21/2096356/0/en/DigitalTown-I BONGO68 09/22/20 09:39:36 PM
#4215   With the volume we have had the last Mike the great 09/22/20 08:30:50 PM
#4214   AGREED!!! Two days loading and profit taking. Should BONGO68 09/22/20 08:28:11 PM
#4213   Not a doubt in my mind PENNY STOCK GURUS 09/22/20 08:07:13 PM
#4212   This will go up soon! Mark this post! Sammy_1 09/22/20 07:51:27 PM
#4210   Piece of crap good thing I didn’t get in the_stockoracle 09/22/20 05:43:09 PM
#4209   I agree csiderydah 09/22/20 05:32:35 PM
#4208   I really don’t have any questions right now PENNY STOCK GURUS 09/22/20 05:28:20 PM
#4207   Learn about Chapter 5 02opida 09/22/20 05:05:22 PM
#4206   everyone gone back to school here 02opida 09/22/20 05:04:45 PM
#4205   Please post it when it comes out and csiderydah 09/22/20 04:53:37 PM
#4204   Thanks for the info I’m going to check PENNY STOCK GURUS 09/22/20 04:50:52 PM
#4203   I own a large amount of freebies here GR8 Dad 09/22/20 04:31:31 PM
#4202   CALM BEFORE THE STORM BONGO68 09/22/20 04:17:05 PM
#4201   DigitalTown's approach to leveraging the benefits of Chapter mid-day-marky 09/22/20 04:12:18 PM
#4200   Chapter 11 as well, there's a difference mid-day-marky 09/22/20 04:11:09 PM
#4199   I got a response from Ceo Sam Ciacco csiderydah 09/22/20 04:10:57 PM
#4198   Shitastic. I should've known better, hopefully has some snax 09/22/20 04:01:03 PM
#4197   DGTW:Fully agree,A 15 12-G is a-protection.Morevoer,the-other Q-stock was Sibware 09/22/20 03:55:20 PM
#4196   THAT WAS A GOOD PUMP AND DUMP SMOOTH cityimport 09/22/20 03:50:39 PM
#4195   Here is proof i talked to SAM, This zhj8485 09/22/20 03:50:31 PM
#4194   Good to hear! Thanks for posting Mike the great 09/22/20 03:45:21 PM
#4193   Talked to the CEO Sam, Sam expects a zhj8485 09/22/20 03:43:14 PM
#4192   Oracle, to correct that DGTW comparison... stervc 09/22/20 03:37:33 PM
#4191   DGTW:Agreed and we still don't know when the Sibware 09/22/20 03:34:55 PM
#4190   Yep flippers leaving, the amount of money in Sammy_1 09/22/20 03:33:11 PM
#4189   DGTW:We-getting-rid of flippers today,but chart is not too Sibware 09/22/20 03:27:17 PM
#4188   0.0007 wed otcjedi 09/22/20 03:24:47 PM
#4187   Wouldn't shock me if... Amazon gets a stake zhj8485 09/22/20 03:24:28 PM
#4186   alot of volume , but not move. and trustme 09/22/20 03:18:22 PM
#4185   Totes! Remember that time 1 hour ago when LtDansLeg 09/22/20 03:14:46 PM
#4184   So much volume this afternoon Mike the great 09/22/20 03:01:02 PM
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