FORT WAYNE, IN, Mar 12, 2014 (Marketwired via COMTEX) -- Freedom Energy Holdings, Inc. FDMF -14.29% CEO Brian Kistler today announced that, as promised on August 28, 2013, he has submitted the documentation to have 500 million common shares exchanged for 5,000 Preferred Series D shares.
"In August 2013 I announced that at the appropriate time I planned on reducing the amount of common shares that were issued to me for control. I am happy to report that I have decided it is time to reduce the Issued and Outstanding common shares by an additional 500 million shares. This leaves me with 1.0 billion shares of which my plan is to do the same with these shares as well," stated Kistler.
"I am very enthusiastic for the company's future as we enter into the spring and summer months. I have announced the recent advances that we have made regarding the 'ELAS' project and I trust that I will have further news to report in the very near future," stated Kistler.
Kistler continued, "I have received several inquiries, regarding the possibility of a reverse split and I can say without reservation that at this time I have neither reason nor intentions of initiating any recapitalizations of the company's capital structure. The pressure to do a reverse split comes from failed attempts to raise capital and ill advised share issuances to nefarious groups that promise the world and produce very little in shareholder value.
"There have been mistakes made on my part in the past, and hopefully I have worked through the mistakes and am ready to exploit the true value of the company. The current number of common shares in the float is totally from the conversion of aged debt for individuals that have been supporting the Company's efforts since 2007. If for no other reason, I will not reverse split the common shares to the detriment of the faithful long term investors," concluded Kistler.
Additionally, the Company has entered into substantive negotiations with opportunities related to a new and explosive industry that, if consummated, will add to the excitement for the company and ultimately shareholder value.
ABOUT FREEDOM ENERGY HOLDINGS, INC: Freedom
