Huge! WOGI Cancels 2.12 Billion Shares (71.8% of OS)...
This is incredibly huge news for WOGI for a few reasons. Let's quickly discuss why and why it is confirmed in my opinion that much bigger things are coming. The PR that was released will follow.
Point 1 ** WOGI has canceled 2.12 billion or 71.8% of its common shares because the new management coming in has instructed them to do so.
Point 2 ** WOGI also have plans to complete additional cancellations of common stock. Notice that the word "cancellation" is plural which means that more than one additional cancellations of common shares will be coming.
Point 3 ** This means that the Issued and Outstanding Shares that is currently at 833,262,060 common shares will be some number even lower.
Point 4 ** WOGI has also reduced its Authorized Shares (AS) down to 1 billion shares from 5 billion shares.
Point 5 ** The WOGI Transfer Agent (TA) will reflect these changes in the coming days. This means that paperwork has already been completed, submitted, and coordinated with the TA for the cancellation to definitely happen very soon.
Point 6 ** The Florida Secretary of State (SOS) is in receipt of their changes.
Point 7 ** WOGI confirmed that they have no toxic debt.
Point 8 ** WOGI confirmed that they will not be doing a reverse split.
Point 9 ** The #1 fear in the market is dilution. WOGI has eliminated that fear by retiring this huge amount of shares and reducing down the AS. So instead of fear, WOGI has instilled confidence into the market about its existence.
Point 10 ** Per the WOGI links below, WOGI is in the process of completing two acquisitions... within the Fintech Industry and the Gold Industry:
$WOGI is in the process of completing two separate acquisitions. Once completed it will greatly benefit the company and enhance shareholder value
Debary, FL, April 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- World Oil Group, Inc. (OTC Pinksheets WOGI) announced today that it has canceled 2.12 billion or 71.8% of its common shares ahead of its first acquisition, leaving the issued and outstanding at 833,262,060 common shares. The company has also reduced its authorized shares down to 1 billion, from 5 billion.
CEO Claudio Aballay stated this reduction was done to accommodate the new company’s management which also plans additional cancellations of common stock. Our transfer agent will reflect these changes in the coming days and the Florida secretary of state is in receipt of our changes.
Claudio also stated that “World Oil Group, Inc. has no toxic debt and will not be doing a reverse split.”
Safe Harbor Statement
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission.
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management's view of World Oil Group Inc.’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of World Oil Group Inc., its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on World Oil Group Inc.’s future results. The forward-looking statements included in this press release are made only as of the date hereof. World Oil Group Inc. cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, World Oil Group Inc. undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by World Oil Group Inc.
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