Independent Film Development Corp. CEO, Announces Three-Step Initiative to Enhance Net Stock Holders Equity
NEW YORK, Monday / March 9, 2015 – IFLM (OTC Pink: IFLM), a Nevada Corporation, announced today that it recently amended its Articles of Incorporation and Corporate Bylaws and created Series B of convertible preferred stock, designed to protect stockholder value from volatility of the market. We intend to dividend these shares of series B preferred stock to the IFLM common stockholders. The amended Articles of Incorporation and Corporate Bylaws are published by IFLM at www.sec.gov as exhibits to a form 8-K filing on February 15, 2015.
"Our three-step initiative is designed for acquiring and attracting investment and equity into the company’” said CEO Jeff Ritchie. “We want to strengthen investor confidence by both committing ourselves to dividends, and we intend to settle IFLM debt with the issuance of series B preferred and common stock.. We also are committed to building net stockholders' equity on the balance sheet.”
The new convertible preferred series B shares are designed to insulate the stockholders from past, present, or future dilution and volatility in the open market. IFLM is providing these securities as a dividend payment to shareholders of record. These preferred shares will not be convertible for one year and will turn into a predetermined amount of common stock. They will convert at the par value. IFLM will alert shareholders as to the record date for this action through the appropriate regulatory guidelines.
IFLM plans to use to preferred and common stock settle debt on the balance sheet. The company anticipates that much of its debt will be settled.
The last part of the three-step initiative is to become more transparent as an issuer. This includes keeping shareholders apprised of all material developments through press releases in addition to the required disclosure posted on www.sec.gov. IFLM also plans to register the shares of common stock to benefit the preferred stockholders – who have converted into a predetermined amount of common stock.
"We have a team of very qualified professionals implementing this strategy,” said C. David Pugh, IFLM Chief Communications Officer and Director of Investor Relations. “Our objective is better communication with our stockholders. We are absolutely committed to maintaining a transparent dialogue with investors, providing clarity while we work towards out goals. When we hit certain milestones, we’ll make all the necessary disclosures so the investment community can be aware of what is going on.”
About Independent Film Development Corp.:
Independent Film Development Corp. specializes in working with underperforming companies and bringing together the resources needed for them to attain financial stability and growth. Our focus is on companies showing a positive upside while striving to bring new technologies and unique products to market.
Forward-Looking Statements:
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
Contact:
Independent Film Development Corp.
C. David Pugh, CCO
DaveP@IndyFIlmCorp.com
310-295-1711
