The current reduction makes the total Common shares converted to Preferred to a total of 1.4 Billion shares since March 3rd, 2016
Atlanta, Georgia, March 21, 2018 (GLOBE NEWSWIRE) -- Findit, Inc. (OTC Pinksheet:FDIT), an innovative social media management company, today announced it will reduce its Common shares outstanding from 345,430,032 to 245,430,032. The reduction will be completed by March 31st, 2018. The 100 million shares will be converted into Preferred B series and be eligible to be converted back in June of 2019.
Raymond Firth, President of Findit, said, “This benefits our Common Stock shareholders by reducing the Common Stock outstanding our shareholders will benefit in the future if Findit is profitable by having less common stock outstanding on a per share earnings basis."
The outstanding Common Stock was previously reduced by 1.3 billion shares. The current reduction makes the total Common shares converted to Preferred to a total of 1.4 Billion shares since March 3rd, 2016. These additional 100 million shares will also be converted to Preferred Stock and not be eligible to convert back to Common until June 30th, 2019.
The Company estimates the number of Common shares in the float and held at DTC are:
Float 59,327,077 a/o Sept 30, 2016
Held at DTC 44,461,608 a/o Nov 8, 2017
About Findit®, Inc.
Findit, Inc. owns Findit.com which is a Social Media Campaign Management interactive search engine platform that provides Members the ability to post, share and manage their content. Once they have posted in Findit we ensure the content gets indexed in Findit Search results. Findit provides an open platform for anyone to submit URLs that they want to have indexed in Findit along with posting status updates through Right Now. Status Updates posted in Findit can be crawled by outside search engines to assist in additional organic indexing. All post can be shared to another eight prominent social and bookmarking sites. Findit provides Real Estate Agents the ability to create their own Findit Site where they can pull in their listing and others through their IDX account. Findit also offers News and Press Release Distribution. Findit, Inc. is focused on the development of monetized internet based web products that increase brand awareness of both private and public companies along with individuals, entrepreneurs and artists. Findit, Inc. owns and operates the websites: www.Findit.com, TransWorldNews.com, LinkMyFan.com, WooEB.com and LinkMyStock.com.
Safe Harbor Statement: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Findit®, Inc. to differ materially from those implied or expressed by such forward-looking statements. This press release speaks as of the date first set forth above, and Findit®, Inc. assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade.