ICTY major news: no dilution, no r/s. EyeCity.com, Inc.

ICTY major news: no dilution, no r/s. EyeCity.com, Inc. Today Announces a Status Update and Addresses Some Stockholder Questions

2012-04-11 10:03 ET - News Release


ORLANDO, Fla., April 11, 2012 (GLOBE NEWSWIRE) -- EyeCity.com, Inc. (Pink Sheets:ICTY) today announces a status update and addresses some stockholder questions.

EyeCity.com, Inc. is nearing a final agreement with its African Gold mining initiative. Both parties and their respective legal teams are working the details of the contract which are hoped to be completed in the coming days. These proposed joint ventures with established and producing mining companies will be funded in stages. Points of negotiations include financial commitments, performance benchmarks and amount of preferred stock in exchange for the target assets.

The projects in Mexico are also demanding a significant amount of ICTY's management focus. These properties have both an intriguing blend of substantial maturity and promising future development expectations. Primary to the company's reinvigoration, these acquisitions will bring considerable value to ICTY. The projected developments of these targeted projects are much more encouraging. Although both parties have agreed in principle, remaining unresolved terms include the ability of ICTY to raise the required capital to advance the purchase and development of the projects. Development of these projects will require funding commitments from 750K to upwards of 1M. Funding in both scenarios will be done in stages over a 12-month period.

Furthermore, ICTY has been in discussions with both private and Mezzanine financing companies specifically related to these projects. These parties are interested in moving forward. ICTY remains committed to minimizing dilution of share structure; however while no dilution is at this time contemplated, ICTY shareholders should remain cognizant that projects of this magnitude will incur substantial financial commitments. Presently, due diligence is being performed by independent industry experts. Management is confident that if any dilution should occur, the asset value of the new projects will substantially increase ICTY's value. Subsequently, increased shareholder value will far outweigh any effects of possible dilution. The value reflected in the stock will outweigh any dilution.

Additionally, Pink Sheets has been updated. The issued and outstanding stocks have been re-stated in the updated financials. The share structure remains the same, in which ICTY management still holds over 20% of restricted common stock. No further dilution has occurred. There is no intention of any consolidation at this time and has not been a component of any negotiations. A reverse split is not a consideration in these negotiations either. To reiterate, ICTY will be acquiring assets by virtue of exchanging its Preferred stock. The Preferred stock is not convertible into Common but holds special voting rights. ICTY also would like to confirm that it does not have any binding contracts with Public Relation firms, and does not compensate any parties with stock to promote ICTY. ICTY is very cautious of this component of the business and works very closely with its legal counsel to adhere to SEC guidelines in regards to this.

As consistently stated by ICTY management, the company cautions all shareholders against credibility of non-verifiable sources and rumors. The only credible and correct information is that presented by ICTY management through official press releases and official website.

ICTY is still re-formatting its new website. This will release more pertinent information on multiple partnerships, global business management expertise, projects and acquisitions, and any additional information we feel will be beneficial to the shareholder.

Safe Harbor Statement: This news release includes forward-looking statements pertaining to future anticipated projected plans, performance and developments, intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Any statements on this news release that are not statements of historical fact should be considered forward-looking statements. These forward-looking statements generally can be identified by phrases such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," "intends," or other words or phrases of similar import. Similarly, statements in this news release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.

CONTACT: Bradley R Wilson
407-257-5004