MINEOLA, N.Y., Aug. 29, 2005 (PRIMEZONE) -- During the next few days, shareholders of Torbay Holdings, Inc. (OTCBB:TRBY) will be receiving a shareholder proxy asking them to vote on the issue of increasing the authorized shares of the Company from 100 million to 250 million shares.
The Company's advisors had initially recommended an increase in authorized shares to 500M from the present level. However, after carefully considering our short term funding requirement, it is apparent that 30M would cover the Company agreements now in effect, and could raise $1.65M. The reason for the proposed increase to 250M relates directly to the economy of the exercise, in that the overall process cannot be justified without adequately providing for the future, no matter how far forward that may have to be projected. More immediately, this move would facilitate us being able to market several products which have been under development during the past few months.
A. Gordon Lane, Chairman of the Board, stated, "Any public company needs access to an adequate supply of assets in the form of stock, to provide it with a necessary mechanism for attracting investment, thus allowing the directors an opportunity to make our business a success. We are asking our shareholders to join the Directors in being a positive part of this decision making process.
"The Company is not merely seeking to raise the number of authorized shares, we are managing our shareholder investment. It being in all of our future interest, we are asking our shareholders to support this Proxy. In order that we may discuss this action with shareholders, we are hosting a shareholder meeting to coincide with the vote. Raising our A/S is but one act that shareholders can positively perform to help ensure that Torbay Holding's plans for the future may be realized."