ORO VALLEY, Ariz., Dec. 05, 2016 (GLOBE NEWSWIRE) -- Tautachrome, Inc. (OTC-PINK:TTCM) today provided an update of the shares retired under the Share Retirement Program initiated in the fourth quarter by the Company’s principal shareholders.
The following updates the share retirement program:
On October 15, 2016 Tautachrome’s outstanding shares were reduced by 1,009,330,578 shares with the retirement of 80% of Dr. Jon Leonard’s (CEO) common shares.
In addition, under the Share Retirement Plan, the outstanding shares will be reduced by another 370,179,802 shares with the retirement of common shares belonging to Matthew Staker and to the Nugent family trust. Of these 370,179,802 shares, 277,565,909 of them, representing 80% of Mr. Staker’s common shares, are expected to be retired this week and 92,613,893 shares belonging to a Nugent family trust sometime thereafter.
In addition, the outstanding shares were increased by 51,666,667 shares by conversions of some convertible notes held by investors. Also, in a housekeeping move, 2,300,000 shares that have been erroneously shown as issued have been removed from the outstanding shares and returned to the Tautachrome treasury.
Prior to the retirement of common shares by its principal shareholders, common shares were the only class of the Company’s capital stock that was issued and outstanding. The Share Retirement Plan is being implemented by issuing the principal shareholders one 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 five 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, and will have no dissolution preferences above common.
Dr. Leonard stressed that “the retirement of shares owned by the principal shareholders in exchange for non-trading preferred shares with a long holding period aims to fortify the long- term commitment that our principal shareholders have to Tautachrome. In addition, in our effort 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. This news release is an example of our commitment to keep investors fully informed of our activities.”
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.