Irvine, California, Aug. 28, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- County Line Energy Corp. (“County Line” or the “Company”) (OTC: CYLC) today announced it has completed Share Exchange Agreements with the Company’s two largest shareholders, CEO and director, Eric Dena, and CYLC director, Vince Andreula (the “Agreements”). As a result of the Agreements, the number of shares of Common Stock issued and outstanding has been reduced by 49%.
Under terms of the Share Exchange Agreement with Mr. Dena, he has agreed to surrender 30,000,000 shares of Common Stock in exchange for 300,000 shares of Series B Preferred Stock. Under terms of the Share Exchange Agreement with Mr. Andreula, he has agreed to surrender 15,000,000 shares of Common Stock in exchange for 100,000 shares of Series A Preferred Stock and surrender an additional 10,000,0000 shares of Common Stock in exchange for 100,000 shares of Series B Preferred Stock. As the sole shareholder of Series A Preferred Stock, Vince Andreula is entitled to an non-dilutable 80% voting control of the Company. Shares of Series A Preferred Stock are not convertible into Common Stock of the Company. Each share of Series B Preferred Stock is convertible into 100 shares of Common Stock of the Company and entitled to 100 votes. Following the completion of the Agreements, there are 57,923,237 shares of CYLC Common Stock, 100,000 shares of Series A Preferred Stock, and 400,000 shares of Series B Preferred Stock issued and outstanding.
Eric Dena, County Line CEO, commented, “Dramatically reducing the number of CYLC common shares outstanding by almost 50% and strengthening our corporate share structure with a powerful voting control non-convertible preferred class will immediately increase common shareholder value and should better position the Company to take advantage of any potential opportunities, acquisitions, or partnerships that could further accelerate our growth strategy.”
The Company is also pleased to announce it has changed its name to D5 Partners, Inc. to better reflect the business and branding of its recently formed operating subsidiary of the same name. The Company has filled the required Certificate of Amendment with the Nevada Secretary of State to facilitate the name change and has already begun the process of obtaining FINRA approval of the name change and issuance of a new stock trading symbol.
Further details regarding the name and trading symbol changes will be released as they become available.
About D5 Partners, Inc.
D5 Partners, Inc., a wholly-owned subsidiary of County Line Energy Corp. (OTC: CYLC), is the developer and distributor of the Grow Box 5000 family of self-contained, fully automated, and expandable smart hydroponics systems for use in growing plants and vegetables.
Additional information regarding Grow Box 5000 can also be found at www.gb5k.com .
County Line / D5 Partners - Investor Contact Toll-Free: (844) 447-6955
Cautionary Note Regarding Forward-Looking Statements
This release by County Line Energy Corp. (“County Line”) may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as “expects,” “plan,” “believes,” “will,” “achieve,” “anticipate,” “would,” “should,” “subject to,” or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Although County Line management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve several risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Known risks and uncertainties include those identified from time to time in the reports filed by County Line with OTC Markets. County Line assumes no obligation to update publicly any forward-looking statements contained in this press release.
