FNHI news out AH retiring up to 100M shares thats CEO confidence
TORONTO, ON--(Marketwired - July 05, 2017) - Franchise Holdings International, Inc., the parent company of Truxmart LTD Inc. (OTC PINK: FNHI), an innovative manufacturer of high quality, functional, and aggressively priced tonneau covers for the light truck market, received board approval for the creation and issuance of 1,000,000 new shares of a Series A preferred stock. The purpose of the new share class is to tighten FNHI's capitalization, while maintaining CEO Steven Rossi's voting control over FNHI, in addition to accomplishing other management objectives.
Presently, FNHI currently has issued only "common shares" with one vote per share, as a single share class. Rossi, as CEO, holds FNHI voting control by owning 112,000,000 of the 222,787,240 shares issued and outstanding. Rossi intends to retire up to 100,000,000 of his 112,000,000 FNHI common shares, while issuing preferred shares, reducing the FNHI issued and outstanding shares by up to 45 per cent. Each preferred share will vote the equivalent of 299 votes per 1 common share.
"This new share structure is just one step of many along our clear path and vision towards our future success," Rossi commented, in explaining the board's action today. "Revenues and profits are what compensates me for my work, not by selling my FNHI ownership."
Shareholders have spoken, Rossi said, "And I always listen."
The process required an PRE 14C Information Statement filing, covering proposals by security holders whose actions do not require proxies and an SEC filing DEF14C, which is expected to start this month and requires 30-60 days to complete and file with the State of Nevada.
About Truxmart
Truxmart, Franchise Holdings International's wholly owned subsidiary, was founded in 2011 to take advantage of the limited innovation provided by existing tonneau cover manufacturers. Tonneau covers have remained much the same in price and design since 2005 with one main company controlling a majority of the tonneau cover market. This dynamic market segment is in need of a new innovative manufacturer of high quality, functional, and aggressively priced tonneau covers. Truxmart has developed multiple products for all of the most prominent pick-up trucks available in North America. Details of most products can be found at www.truxmart.ca. Truxmart sells its products through master warehouse distributors, dealers, and online retailers in North America and is expanding to Central and South American distribution of its products.
TORONTO, ON--(Marketwired - July 05, 2017) - Franchise Holdings International, Inc., the parent company of Truxmart LTD Inc. (OTC PINK: FNHI), an innovative manufacturer of high quality, functional, and aggressively priced tonneau covers for the light truck market, received board approval for the creation and issuance of 1,000,000 new shares of a Series A preferred stock. The purpose of the new share class is to tighten FNHI's capitalization, while maintaining CEO Steven Rossi's voting control over FNHI, in addition to accomplishing other management objectives.
Presently, FNHI currently has issued only "common shares" with one vote per share, as a single share class. Rossi, as CEO, holds FNHI voting control by owning 112,000,000 of the 222,787,240 shares issued and outstanding. Rossi intends to retire up to 100,000,000 of his 112,000,000 FNHI common shares, while issuing preferred shares, reducing the FNHI issued and outstanding shares by up to 45 per cent. Each preferred share will vote the equivalent of 299 votes per 1 common share.
"This new share structure is just one step of many along our clear path and vision towards our future success," Rossi commented, in explaining the board's action today. "Revenues and profits are what compensates me for my work, not by selling my FNHI ownership."
Shareholders have spoken, Rossi said, "And I always listen."
The process required an PRE 14C Information Statement filing, covering proposals by security holders whose actions do not require proxies and an SEC filing DEF14C, which is expected to start this month and requires 30-60 days to complete and file with the State of Nevada.
About Truxmart
Truxmart, Franchise Holdings International's wholly owned subsidiary, was founded in 2011 to take advantage of the limited innovation provided by existing tonneau cover manufacturers. Tonneau covers have remained much the same in price and design since 2005 with one main company controlling a majority of the tonneau cover market. This dynamic market segment is in need of a new innovative manufacturer of high quality, functional, and aggressively priced tonneau covers. Truxmart has developed multiple products for all of the most prominent pick-up trucks available in North America. Details of most products can be found at www.truxmart.ca. Truxmart sells its products through master warehouse distributors, dealers, and online retailers in North America and is expanding to Central and South American distribution of its products.
