LAS VEGAS, Nov. 18, 2010 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (Pink Sheets:IFSL), a creator of various financial products and services for businesses and individuals, reports that senior members of the management team and other employees have opted to convert debt owed to them by the company into shares of common stock of the company.
With the authorization of the Board of Directors, Ideal Financial employees have agreed to convert wages accrued previously into shares of common stock of the company. A total of $501,000 in back-pay that is presently carried on the balance sheet as a current liability will thus be converted into a total of 125,500,000 shares of common stock at a price over current market of $0.004, which results in a gain of $313,125 from forgiveness of debt based on the current price.
"Quite some time ago, members of management accrued significant amounts of unpaid wages that they deferred to allow the company to capitalize what has proven to be a strong growth opportunity for Ideal," stated Steve Sunyich, CEO, Ideal Financial Solutions. "Now, as we prepared to begin paying the amounts due, our management unanimously suggested a desire to receive shares in lieu of monies owed and agreed to accept them at a premium to the current share price in hopes of an increased price per share in the future."
Sunyich added, "As we proceed with the process of seeking a broker to file a Form 211 with FINRA to commence trading on the Over-The-Counter Bulletin Board, we wanted to make our investors aware of these events. We would also like to explain our stock structure. We have eight billion shares of common stock authorized, of which 4.3 billion issued and outstanding. In addition, it is important to realize that we have 500 million shares reserved for a stock incentive plan, 2 billion reserved for issuance upon conversion of preferred stock and approximately 480 reserved for outstanding warrants. Therefore, the actual number of authorized, but un-issued, shares available is only 565,444,167, which we have no current plans to issue and do not expect to issue unless required or for a value-building event such as an acquisition."
Based in Las Vegas, Nevada, Ideal Financial Solutions (www.idealfsi.com) provides the education, support and automated tools to create additional cash resources, rapidly eliminate all non-asset-building debt and build financial independence. As a leader in debt relief services, Ideal uses its automated CashFlow Management© tools (www.myifs.com) and its Credit to Wealth Systems to assist individuals, families and small businesses in building financial independence. To view more information on Ideal's new humanitarian program soon to be launched please visit www.idealgoodness.com. To view a short video demo of our services go to: http://www.youtube.com/watch?v=GFTKoRkByu0
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