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SOURCE: Beneficial Holdings, Inc.
Sep 30, 2009 01:39 ETBeneficial Holdings, Inc. Reduces Authorized SharesMANAGUA, NICARAGUA--(Marketwire - September 30, 2009) - Beneficial Holdings, Inc. (PINKSHEETS: BFHJ), a casino investment and management holding company, today approved a resolution modifying its authorized share structure that also includes a lock up provision.
The resolution was adopted to accommodate a prospective major acquisition that has not yet been announced. The Company approved the resolution directing that the authorized number of shares of common stock be reduced to 129,000,000 from 200,000,000.
Additionally, the Company executed a resolution that prohibits it from issuing any additional shares beyond the newly reduced authorized shares of 129,000,000 for a period of six months regardless of any circumstances that may arise.
These resolutions were approved and executed in anticipation of the prospective major acquisition and will assist the company from a financial perspective as the process moves forward.
This press release does not constitute an offer of any securities for sale. It contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ. Statements in this press release are based on information available as of the date hereof, and the company undertakes no obligation to update any statement to reflect events or circumstances occurring after the date of this press release.
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Beneficial Holdings
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