Advanced Lighting Solutions, Inc. Announces Key Corporate Updates
Spring, TX, Jan 30, 2015 (PRWeb.com via COMTEX) -- Advanced Lighting Solutions, Inc. (OTCBB: AVLS) ("the company") is pleased to announce that its board of directors have concluded negotiations with Pacific Park Investments, LLC to return 30 ("thirty") million freely tradable shares to the company's treasury, which were issued and outstanding since 2010 and 2011. This action marks the beginning of Advanced Lighting Solutions restructuring, acquisitions, and transparency plan for the upcoming fiscal year, 2015. The company will report this corporate action, which effectively eliminates all debt from its balance sheet and substantially reduces the current float and outstanding shares, to its newly appointed stock transfer agent, Pacific Stock Transfer. This will also be reflected as a securities change on the company's upcoming financials and disclosures statement with the OTC Markets Group.
President and CEO of Advanced Lighting Solutions, Inc. James Morgan said "We are pleased to have come to terms with the senior management at Pacific Park Investments to return 30 million shares of common stock back to the Advanced Lighting Solutions treasury. PPI has been a long standing partner and supporter of AVLS and its management. We are continuing to negotiate terms to restructure for the continued growth and advancement of AVLS." The stock share restructuring will be updated to reflect a recalculated 'Issued & Outstanding' and 'Float' of 140,387,000 and 17,252,500 respectively, in line with the company's Fiscal Year 2015 restructuring, acquisitions, and transparency plan. The company will continue to release details concerning the aforementioned initiative(s) in the coming weeks.
As mentioned above, the company has appointed Pacific Stock Transfer as its new stock transfer agent of record. Pacific Stock Transfer, a leading stock transfer agent whom offers a complete range of stock transfer services, will take the place of Holladay Stock Transfer, which had served Advanced Lighting Solutions, Inc. for the past twelve years. This change has been completed and will not alter the trading of, or any transactions in, the company's stock.
Commenting on the change of transfer agents, Mr. Morgan stated, "We are pleased to appoint Pacific Stock Transfer as our transfer agent moving forward, their firm will offer our shareholders state of the art services as we continue to grow and advance in our market requirements."
Advanced Lighting Solutions, Inc. has also recently been upgraded to OTC Pink Sheet 'Current' filing status by the OTC Markets Group. This comes after the company filed updated and audited financial statements and disclosures, which included but was not limited to all annual financial statements since inception, quarterly and annual reports through the most recent fiscal year 2014, and a signed attorney letter attesting to the disclosures.
"We are pleased to reach the first plateau with the OTC Markets Group, by becoming Pink Sheet 'Current'." Mr. Morgan continued, "We are currently in the next phase of our 'Transparency Advancement' by hiring an outside accounting firm to audit our financials so that we may advance to the OTCQB shortly
