IJJP just got a whole lot more expensive guys! .01 by tomorrow!
SILVER SPRING, Md., Feb. 25, 2015 (GLOBE NEWSWIRE) -- IJJ Corporation (Pink Sheets:IJJP) today announces an agreement to redeem 395,838,451 free trading shares. This corporate action will result in the reduction of the total number of Outstanding Shares. The shares will be reacquired from participants in the Section 3(a)(10) proceeding filed with the Circuit Court for the 19th Judicial Circuit Lake County, Waukegan, IL, whereby IJJ was able to acquire the right to more than $2,100,000 in annual income from legal marijuana cultivating operations. As a result of this action, IJJ will retain the right to this income, but with far fewer shares to be issued and outstanding.
Securities Counselors will file a court amendment to reflect these changes. Additionally, the amendment will include the Cannaworx project.
IJJ Corporation had originally announced its commitment of stock for the Medical Marijuana expansion program was 2,094,857,143 shares and had previously announced that the number would not exceed 1,020,867,796 shares. Today's announcement further reduces that number to 625,029,345 IJJ shares. The 395,838,451 free trading shares will be returned and retired to the treasury; thus reducing the outstanding shares by a like amount.
"IJJ Corporation's targeted capitalization program is designed to expand its partnership business directive. However, we will do so in a strategic process that brings value to IJJ Corporation and our shareholders, at the least possible cost, including share issuances," states Clifford Pope, President, and CEO of IJJ Corporation.
"The reductions reflect IJJ Corporation's commitment for our fiduciary responsibilities to maximize shareholder value," concludes Mr. Pope.
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