Art, is this the same type of solution you're talking about in the post I am responding to:
GLXI Globex, Inc. Announces Cancellation of 14,500,000 Common Shares Resulting in Revised Total Issued and Outstanding Shares of 34,703,583
Apr 2, 2007 11:16:00 AM
NEW YORK, NY -- (MARKET WIRE) -- 04/02/07 -- Globex, Inc. (PINKSHEETS: GLXI) today announced that management has cancelled a total of 14,500,000 common shares to be returned to the Company's Treasury.
In March 2007, management issued 15,000,000 new common shares and the total number of issued and outstanding shares was 49,203,583. The reason for issuing these shares was to cancel a total of 14,500,000 shares of certificates held in escrow. These share certificates, stamped with a medallion by the Royal Bank of Canada (RBC), were endorsed by previous management and involved in the change of control position. Management deemed that it was preferable and more cost effective to issue new certificates and then cancel the original certificates. This measure also allowed the Company to maintain its control position before canceling these shares.
As of April 1, 2007, the total number of issued and outstanding shares is 34,703, 583.
The authorized share capital is 100,000,000 shares.
There are approximately 8,000,000 shares in the float. 26,000,000 shares represent the control position.
Due to extraordinary circumstances the Company has released a new special About Us: FAQs and Answers document, which provides additional information to shareholders and is available on the corporate Web site at: www.umining.com in the section About Us.
Finally, management would like to take this opportunity to thank all shareholders for their support and assure everyone that it will take all the necessary steps to protect the Company and achieve our common goals, including maximizing shareholder value and attaining profitability.
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