ONMC News...LONG BEACH, Calif., Jun 19, 2001 (BUSINESS WIRE) -- OmniNet Media Corp.
(OTCBB: ONMC), an emerging leader of wireless, point-of-presence, advertising and information delivery networks, today announced that it has reduced the number of
common shares authorized from 690 million to 100 million.
Authorized share capital represents the total number of shares a company has
available to issue existing and prospective shareholders.
"Proceeded by the corporate name change and recently announced rescission
agreement, the reduction in authorized common shares completes the last in a
series of commitments the company's board of directors communicated to
shareholders through its 10QSB filing dated April 20, 2001," stated chief
executive officer Don Steffens.
"By reducing the number of common shares available to be authorized, the company
has significantly tightened its capitalization structure while setting a path
that provides for future funding and growth using financing vehicles and
judicious business practices that are structured to optimize the issuance and
utilization of company stock.
"We continue to advance our business plan to become a goal-oriented, marketing
driven, company with the capacity to pull together a vast network of people,
technologies and partners for the purpose of securing revenue generating
business opportunities," stated Steffens.
"With the June 13, 2001, announcement to divest ourselves of the Global Glass
Guard business, we can now focus our energies towards the completion of a
proof-of-concept prototype and launch of a targeted beta program aimed at the
supermarket industry and national advertisers."
About OmniNet Media Corp.
OmniNet Media (OTCBB: ONMC), a Nevada corporation, is an emerging leader in the
provision of wireless advertising and information delivery networks that
leverage proven mass market distribution channels using the latest in
point-of-purchase, wireless network, plasma display panel, multimedia content
delivery and data warehouse server technologies.
To find out more about OmniNet Media, visit the company's Web site at
www.omninetmediacorp.com.
This news release may contain forward-looking statements, made in reliance upon
Section 21D of the Exchange Act of 1934, which involve known and unknown risk,
uncertainties or other factors that could cause actual results to materially
differ from the results, performance, or expectations implied by these
forward-looking statements. The issuer's expectations among other things are
dependent upon general economic conditions, continued demand for its products,
the availability of raw materials, retention of its key management and operating
personnel, as well as other uncontrollable or unknown factors.
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