Palm Coast, FL, Oct. 25, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE-- RushNet, Inc. (OTC Pink: RSHN) announces a 25% reduction in the number of authorized common shares, from 12,000,000,000 to 9,000,000,000 and, more significantly, the elimination of the conversion rights of preferred stock.
Dr. Richard E Goulding, RushNet’s Chairman of the Board and Chief Medical Officer, stated, “With my resignation as the CEO of PotNetwork Holdings, Inc., I move forward with my commitment to the success of both RushNet and XYZ Hemp (formerly Gold River Production Services, Inc. (GRPS)); we have determined that it is not necessary to issue any more shares, at least for the time being, and that the holders of the preferred stock do not need to convert into common shares.”
Richard Goulding currently owns nearly all 50,000,000 shares of the preferred stock. While they have 300 votes per share, they are no longer convertible. Accordingly, this eliminates the 15,000,000,000 share conversion right.
The combination of these two actions reduced by 79% the number of outstanding shares, on a fully diluted basis.
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