$SITS look to get in around support
Southern ITS International, Inc. (PINKSHEETS: SITS), announced today that is in the process of changing its outstanding shares structure. Jason Bell the CEO has returned to the SITS treasury a significant number of his shares, bringing the total shares outstanding to 188,217,382 shares from 348,217,382.
SITS is now starting its acquisition program that will be based on SITS shares and investment funds. For SITS it is important to increase our per share valuation as we start our acquisition program. By reducing the total shares outstanding we are expecting a direct impact on our market capitalization, which in turn should be adjusted by the market and its investors reflecting a higher per share value.
SITS is starting its due diligence process with an Integration company in Arizona and another in California. Our target is to have at least one MOU in place by the end of October and one completed acquisition by the end of the year. The targeted Integration companies are currently doing very little in the gaming market space, but can provide to SITS the perfect path to expansion and growth. The two states where the targeted integration companies are have a large number of Casinos and we hope to bring our expertise to them via the new acquisitions. This targeted expansion will also allow us to diversify our global portfolio of clients.
Jason Bell, Chief Executive Officer of Southern ITS International, Inc., noted, "The gaming market is currently growing again and showing great level of interest from the investment community. Many Casinos are now trying to catch up for not having upgraded their technology infrastructures for the last four years, due to the recession. Casinos are now more confident in investing in their technology infrastructures to answer their clientele's demand for quality access to wireless within the hotels and casino areas. Regarding the surveillance and security aspect of Casino systems, many are out of date systems that need to be upgraded due to better management considerations and due to some state regulations that are requiring upgraded IP surveillance networks. For SITS it is time for us to move fast and we are making the proper steps to do so."
