Onteco Corporation, ONTC, Reduces the Number of Shares of Common Stock That's
Authorized
MIAMI, March 27, 2012 /PRNewswire via COMTEX/ -- Onteco Corporation
(otc.qb:ONTC), (the "Company", or "Onteco"), announced today that its Board of
Directors has approved a reduction in its authorized number of shares of common
stock from two billion (2,000,000,000) to three hundred million (300,000,000).
The reduction will be filed in the Company's state of incorporation, Nevada,
immediately.
Dror Svorai, President, stated, "We are reducing the number of shares of
authorized to more properly reflect our reduced need for the availability of so
many shares in the future in connection with the reduction in the total number of
issued and outstanding shares of common stock as a result of the reverse stock
split." He added, "In addition, we do not foresee at this time a future need to
have so many shares of common stock available to issue."
