$CMGO 8k Out
Item 7.01. Regulation FD Disclosure.
Message from Management to our Shareholders.
It has been a while since we last communicated with you. We have been working on clearing up certain company matters and are pleased to announce today we have been extraordinarily successful in our efforts. Briefly, our negotiations with certain parties have resulted in a reduction in the company’s outstanding float by roughly 11.5%. That means there will be a return to the company’s treasury of 33.9 million outstanding shares. An outstanding note for $85,000.00 (plus two years interest at 20%) has just been cancelled and there will be a reversal on the company’s books, for the benefit of our shareholders.
The company has also resolved certain issues concerning Mr. Morrell’s compensation package, on retiring from the Company. Agreement has been reached that certain of his options will be cancelled and his outstanding note for $122,000 was resolved for 2.2 million newly issued shares, reducing the chance that more than 18 million shares would have to be issued.
These events are a huge net positive. We intend to issue an 8K shortly that will spell out where we believe the Company is headed and how we plan on getting there. We hope you are as excited as we are. We ask for just a bit more patience until we are in a position to reveal our game plan. Thanks again for your continued support.
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