ORO VALLEY, Ariz., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Tautachrome, Inc. (OTC-PINK:TTCM) today provided an update and summary of the share retirement activity for its principal shareholders.
The intention of Tautachrome management is to keep its shareholders abreast of things that matter to the Company.
In this quarter the Company has undertaken a share retirement activity which will result in a substantial reduction in the number of the Company’s outstanding common shares. The reduction is being accomplished by the retirement of much of the shares owned by its principal shareholders: Dr. Jon N Leonard, Matthew W Staker, and Micheal P Nugent.
Tautachrome currently has 3,000,633,430 shares of issued and outstanding common stock. Prior to the retirement of common shares by its principal shareholders this is the only class of the Company’s capital stock that is issued and outstanding.
A total of 1,379,510,380 shares of Tautachrome common shares will be retired by our principal shareholders, reducing the issued and outstanding shares of common stock from 3,000,633,430 shares to 1,621,123,050 shares.
The 1,379,510,380 retiring shares are being retired incrementally in two steps: 727,613,893 in step 1, which is in progress now, and the balance of 651,896,487 shares in step 2, scheduled to complete on November 15, 2016.
Retirement is being implemented by issuing the principal shareholders 1 share of a new series D preferred stock for each 100 shares of retired common stock. The voting power of each principal shareholder is conserved by providing each preferred share with 100 votes in any shareholder voting decision. The preferred shares will not convert back to common shares until held for 5 years or until the common stock becomes listed on a national exchange such as NASDAQ or reaches a share value of $3.00 per share for a period of time.
Dr. Jon N Leonard, Tautachrome CEO said “The retirement of shares owned by the principal shareholders in exchange for non-trading preferred shares with a long holding period, aims to undergird the long- term commitment our principal shareholders have to Tautachrome. In addition, aiming to grow company value and stock liquidity, we are deploying resources to better tell the Tautachrome story to potential investors, and to raise public awareness of how our flagship KlickZie technology can beneficially affect users across the globe.”
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.