XTMS news
Xtreme Continues Share Cancellation Initiative; Requests CUSIP Number Change
Mar 22, 2007 8:30:00 AM
BAKERSFIELD, CA -- (MARKET WIRE) -- 03/22/07 -- Xtreme Motorsports of California, Inc. (PINKSHEETS: XTMS) ("Xtreme" or the "Company"), today provided a further update on the status of its initiative to secure cancellation of approximately 47% of outstanding shares.
Of the approximately 394 million shares to be cancelled, approximately 300 million have been confirmed by the transfer agent as cancelled and retired. An additional 200 million electronic free-trading shares, are in the process of being re-certificated to bring the current float to 115 million as announced on March 12, 2007. The company is awaiting receipt of approximately 100 million additional shares for cancellation.
"We are still in the process of completing the share cancellation. Although we indicated we would only provide the certified list once the initiative was complete, we felt shareholders deserved an update via our transfer agent on an interim basis," commented Alan McCaa, CEO of Xtreme Motorsports. "We anticipate the cancellation procedure will be completed prior to the end of March. However, it is dependent upon processing by the Depository Trust Company, and may take us into April.
"In addition, we've begun the process of requesting a new CUSIP number from Standard & Poors, which we have been advised by our securities attorney will further assist in addressing the naked short position in our stock. In essence, the change in CUSIP, which is the unique identifier for each equity and debt security traded in the U.S., will effectuate a reconciliation of our shares both electronic and certificated. We hope this will advance our effort to turn around the naked short problem we have experienced over the last few months," concluded McCaa.
AI
