August 2007
Press Release Source: Signature Devices, Inc.
Signature Devices, Inc. Retires 277 Million Shares of Common Stock
Monday August 20, 2007 4:01 pm ET
Retirement of Stock Drastically Reduces Number of Outstanding Shares
REDWOOD CITY, CA--(MARKET WIRE)--Aug 20, 2007 -- Signature Devices, Inc. (Other OTC:SDVI.PK - News), a company that creates 3D Image generation technology including developing and publishing video games, announced today that 277 million shares of outstanding common stock will be retired in favor of preferred convertible stock. The common stock will be retired and will subsequently reduce the total number of outstanding common shares.
The retirement of 243,658,000 shares of common stock will primarily come from the common stock held by the CEO of Signature Devices, Inc. with the remaining 33,342,000 shares of common stock coming from others. Management believes that retiring this common stock will have a positive effect by increasing non-affiliate shareholder value by decreasing the number of common shares outstanding.
Kenneth Hurley, CEO of Signature Devices, Inc., stated, "It has always been our intention to provide the sort of capital structure that will best help us deliver shareholder value. As such, we wanted to reduce the common outstanding shares on the market. We are also in the process of PCOAB audits in preparation to becoming a fully reporting company and having our company's stock upgraded. This, coupled with our efforts to become more profitable so that our P/E ratios can support higher stock levels, is part of our plan to build shareholder confidence and value in the company."
Email from Andrew J Barwicki, Signature Devices, Inc, Trading Symbol: SDVI
I am pleased to announce Signature Devices issued a press release announcing they have retired 277 million shares.
The retirement of 243,658,000 shares of common stock will primarily come from the common stock held by the CEO of Signature Devices, Inc. with the remaining 33,342,000 shares of common stock coming from others. Management believes that retiring this common stock will have a positive effect by increasing non-affiliate shareholder value by decreasing the number of common shares outstanding.
The share structure is as follows:
Total Outstanding Common: 67,127,003
Total Restricted Shares: 32,324,170
Total Non Restricted shares: 34,802,833 (float)
