TSXT .40 BIG NEWS: ATHENS, GA -- (MARKET WIRE) -- 07/24/07 -- Three Sixty, Inc. (PINKSHEETS: TSXT), a holding company, announced today its strategy regarding the company's capitalization going forward.
The company currently has a share structure of 50 million common shares authorized and 20 million preferred shares authorized. The company's plans as previously announced describes a payout of 26,688,155 million restricted common shares for the acquisition of Rockford-Montgomery Labs with a public float of approximately 5.3 million shares.
The company plans to raise the balance of its previously announced 13.5 million dollars through private placements without increasing its authorized common shares. The private placements will utilize the balance of the yet to be issued common shares in its treasury and will be priced at $1.00 per share. The shares will be restricted and will not affect the current public float.
"We are extremely committed to creating shareholder value; we believe this action will put a proper valuation on our company by keeping the public float at its current level while raising the company's required growth capital through private placements of restricted common shares. We have strong interest in the purchase of these private placement shares from accredited investors at the $1.00 per share price," said Michelle Shearer, CEO of Three Sixty, Inc.
Michelle Shearer, CEO, also stated that, "The company does not intend to increase the shares in the public float, we also intend on becoming a fully reporting company, and that these actions are being taken to improve our market cap and price per share as we position the company to move to a reporting exchange. The company is also working on its Audited Financial Statements."
