247MGI to Reduce Shares Outstanding and Complete Private Placement
Friday March 28, 10:24 am ET
FT. LAUDERDALE, FL--(MARKET WIRE)--Mar 28, 2008 -- 247MGI, Inc. (OTC BB:TOFS.OB - News) ("247MGI") will be reducing the number of shares outstanding of its common stock when the Company's President converts his common stock to Preferred stock. 247MGI has also been discussing this with another significant shareholder about doing the same and should they also convert into Preferred the remaining shares outstanding will be approximately 50,000,000. The Preferred can convert back to common after one year and will convert into the same number of shares of common as held today.
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Matthew Dwyer, the Company's President, is finalizing a stock loan to infuse capital into the Company without having to sell any of the Company's assets. Mr. Dwyer will pledge his personal shares to obtain the loan then invest the money into the Company as a loan. The money will be used to hire additional personnel needed to expand the operations of the Company.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Contact:
CONTACT:
Matt Dwyer
Chairman and CEO
954 323 2516
e-mail: Email Contact
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