SPOOZ Inc (SPZI)

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SPZI News Spooz Announces Reduces Common Stock by 35%

CHICAGO--(BUSINESS WIRE)--Spooz, Inc. (OTC:SPZI) announced that it will be reducing the total number of outstanding common shares of its stock through an exchange of 455,693,448 shares of insider’s common stock for 1,000,000 shares of Series B Preferred stock. The reduction will bring Spooz’s outstanding common shares to 836,434,357. The exchange will lead to the termination of anti-dilution provisions for insiders while ensuring voting control remains in the insider’s hands.

“The swap of our common shares for Series B Preferred is a sign of management’s long-term belief in and commitment to the company,” explains Spooz CEO Paul Strickland. “It effectively prevents liquidation of insider’s stock so that we can not sell under rule Rule 144 for the foreseeable future.”