Friday, June 24 2016 10:17 AM, EST Halitron, Inc. Provides Capital Structure Update Marketwire "Press Releases"
NEWTOWN, CT -- (Marketwired) -- 06/24/16 -- Halitron, Inc. (the "Company") (OTC PINK: HAON), an equity holding company implementing a roll-up of sales, marketing, and manufacturing businesses, today is excited to provide clarity into key topics to further drive shareholder interest in attracting new, long term investors.
Restricted Common Stock Conversion
An affiliate investor has converted 243 million restricted common shares to Preferred Class B shares, which has lowered the current common equity market capitalization, and frees up authorized shares for future accretive acquisitions. The impact of the transaction lowered issued shares to 307 million, of which the affiliate investor now owns 81.7 million restricted common shares. The Preferred Class B shares will be utilized in fully diluted earnings per share calculations, but cannot be converted to common stock for two years. The Board has signed off on all paperwork relating to the transaction and management will be filing all paperwork with the Nevada Secretary of State over the next few weeks so the data will appear on Silver Flume , Nevada's Secretary of the State online portal.
Bernard Findley , Chief Executive Officer of Halitron Inc. states, "By converting the Restricted Common Shares to Preferred Stock that creates an additional benefit to the current shareholders as it supports market capitalization as well as frees up common shares for future acquisitions. I am also very confident in executing on our incredible business model with a robust pipeline of future acquisitions along with the expected closing of a non-toxic capital raise over the next quarter."
Capital Structure
Management utilizes the stock of the corporation as a form of compensation for acquisitions, services, and incentives for employee and stakeholders. The Company has issued restricted common shares in these instances whereby if the recipient holds the stock for one year, submits the proper paperwork including an SEC approved attorney opinion letter, the restriction can be removed and the stock can be deposited into a brokerage account.
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