Penny Stock Wallbusters

[Tanaka]

OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) approves the retirement of an additional 58,000,000 common shares of its stock which will further reduce its outstanding share count by an additional 25%. Earlier this week OMDA announced a reduction of 12,000,000 common shares which is 5% of the outstanding share count. Upon the completion of all of the announced share retirements the new outstanding share count will stand at 172,610,100. In total OMDA will have reduced its outstanding share total nearly 30% from the original 242,610,100. Upon completion of all pending share cancellations OMDA's insiders will collectively hold less than 10% of the common vote. With 50.1% of the common vote required to approve all major corporate governance matters, OMDA would be required to secure consent from more than 40% of the its shareholders to reach a majority approval. Majority shareholder approval is necessary for such issues as share issuances, changing the authorized shares, and splits of any kind. OMDA has confirmed with its securities attorney that the cancellation of shares does not require a shareholder vote. The company is able to retire shares at its discretion without shareholder consent. As previously stated, neither OMDA, nor its officers and directors have any preferred shares since their recent cancellation.
OMDA has been operating and growing on a total cash basis and has not issued any new shares of any kind in over 17 months, nor does the company have any intentions of issuing shares of any kind in the near future. All shareholders of record of OMDA Oil and Gas, Inc. can expect to receive a mailer shortly from the company Transfer Agent and Broadridge with all of the recent corporate governance changes that were announced and completed.