ORO VALLEY, Ariz., Oct. 06, 2016 (GLOBE NEWSWIRE) -- Tautachrome, Inc. (OTC-PINK:TTCM) today announced that its Board of Directors in a meeting held yesterday unanimously approved the proposal received last week from its principal shareholders.
Patrick Greene, Tautachrome’s Executive Vice president announced today that a meeting of the Board of Directors was held yesterday to consider the proposal received last week from three of the Company’s principal shareholders, Dr. Jon N. Leonard, Micheal P. Nugent, and Matthew W. Staker that would reduce the Company’s issued and outstanding common shares by exchanging a substantial portion of their own common shares for a new series of non-trading preferred shares designated Series D Preferred Stock.
After the meeting, Mr. Greene stated, “The Board considered the merits of the shareholders’ offer and the establishment of the new Series D Preferred stock, and voted unanimously to accept the offer. This action by the major shareholders of the Company signals their long term commitment to Tautachrome and its flagship KlickZie technology. We think this action will have lasting benefit to the Company.”
About Tautachrome, Inc.
Tautachrome, Inc. (OTC-PINK:TTCM) is an emerging growth company in the developing digital imagery technology sector. Tautachrome is an Internet technology development company with operations in America and Australia. Tautachrome has revolutionary patents pending, including Talk-to-the-Picture social networking and trustable imagery-based interaction.
Safe Harbor Statement: Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this paragraph and the risks and other factors detailed in Tautachrome's reports filed with the Securities and Exchange Commission. Tautachrome undertakes no duty to update these forward-looking statements.