NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Digital Asset Monetary Network, Inc. (“DigitalAMN” or the “Company”) (OTCMKTS: DATI), a Public Accelerator-Incubator (“PAI”), today provided an update to shareholders on the status of its late third quarter filing, its recent reduction of 2M shares, and its business development plans.
Management had anticipated filing its 3rd Quarter Disclosures within the 5-day grace period but misjudged the timing due to endeavors the Company is currently embarking upon. Management has always strived to file on a timely basis in the past and will continue to do so in the future.
“In the interests of full disclosure and transparency to our shareholders, we anticipate that our third quarter disclosures will be filed within the next 12 business days during which time the Company will receive a ‘Yield’ sign from OTC Markets,” stated Ajene Watson, DigitalAMN’s CEO.
Management also announces that an additional 2,000,000 shares have been retired by an exchange of common stock for the Company’s Preferred BB shares. This action further tightens the Company’s cap table, reducing the outstanding common stock share amount to approximately 15M shares, with a total reduction of more than 100M shares (which reductions were noted in a previous shareholder update).
CEO Watson further commented: “We always give careful consideration to strategizing on how to best restructure our cap table with the least detrimental effects to our stakeholders, while positioning DigitalAMN for its next capital raise. In that vein, we intend to further strengthen our cap table with additional share reductions where possible.”
Lastly, the Company has worked diligently over the past three years to develop the PAI Ecosystem. Management is confident that the PAI Ecosystem is now ready to efficiently accelerate entrepreneurs, leverage ‘the crowd’ for capital formation, build a sizable equity portfolio, and be actively marketed to entrepreneurs, operating startups, or development stage companies – private or public – in 2021. With this, the Company has slated a path to sustainable revenue and plans to upgrade to the OTCQB in 2021.
Watson concluded, “The evolution of the PAI Ecosystem from concept to reality has been quite the journey. The focus we have placed on raising non-toxic capital, limiting dilution, and tightening the cap table, in preparation for ‘Game Day’, have all been arduous parts of that journey. We are truly excited about the products, services, and processes that we have designed, and remain grateful to our stakeholders for all their continued support. We look forward to entering the next phase of our growth initiative.”
ABOUT Digital Asset Monetary Network, Inc.
Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) is the first company to utilize the Public Accelerator-Incubator (PAI) model, with the intent to follow the global success of accelerators and incubators around the world, adding niche opportunities to both the microcap and startup communities. As a PAI, Digital Asset Monetary Network will develop and acquire innovations that solve problems through digital platforms and other electronic applications.
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Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations.
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