$CBMJ CEO Doubles Down Purchasing Large Block of Restricted Common Stock, Debt, and Preferred Stock in Private Transaction Aimed to Strengthen the Capital Structure
https://www.globenewswire.com/news-release/20...cture.html
Powder Springs, GA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- CBMJ CEO Mark Schaftlein, through his company Capital Consulting Inc., has purchased an additional 31M shares of Restricted Common Stock, $30,000 of Convertible Debt with a current balance of $57,775 in a Private Purchase transaction, and 25% interest in Preferred Stock.
With the addition of the 31M shares, Capital Consulting Inc. now owns a total of 60,913,500 restricted Common Shares, which represents 17% of the total Issued and Outstanding Common shares. This more than doubles the shares controlled by the Company’s CEO.
“Closing this transaction further solidifies continued commitment my fellow Directors and I have to building shareholder value for the long term. Coupled with the recent warrant exercise by Capital Consulting Inc., and an investment from Director Floyd Brown, CBMJ now has a more investor friendly share structure,” stated CEO Mark Schaftlein.
The corporate plan is to pay off the $57,775 of Convertible Debt at some future point. This fits with the corporate strategy to retire the majority of existing convertible debt to reduce potential dilution for shareholders. Over the past two quarters, $144,608 of debt including accrued interest has been removed from Convertible consideration as a result of this transaction, and two previous agreements reached to pay off eight additional convertible notes of which four have been paid and retired.
The three Directors now collectively own or control 162.5M Restricted Common shares which amounts to 45% of the of the total Issued and Outstanding Common Stock. Brandon Vallorani (45M Shares) and Floyd Brown (40M Shares) acquired their shares as a result of the acquisition of Dedonato Enterprises and Patriot Depot respectively. In addition, Nacel Energy (16.6M) recently converted $390,749 of debt into Restricted Common Stock at $.0644 per share.
The trading float of free trading stock stands at 98.8M shares.
The 250 Preferred shares acquired will be transferred to fellow Director Floyd Brown to complete a contractual obligation under terms of the Asset Purchase Agreement of Patriot Depot which was acquired in June.
https://www.globenewswire.com/news-release/20...cture.html
Powder Springs, GA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- CBMJ CEO Mark Schaftlein, through his company Capital Consulting Inc., has purchased an additional 31M shares of Restricted Common Stock, $30,000 of Convertible Debt with a current balance of $57,775 in a Private Purchase transaction, and 25% interest in Preferred Stock.
With the addition of the 31M shares, Capital Consulting Inc. now owns a total of 60,913,500 restricted Common Shares, which represents 17% of the total Issued and Outstanding Common shares. This more than doubles the shares controlled by the Company’s CEO.
“Closing this transaction further solidifies continued commitment my fellow Directors and I have to building shareholder value for the long term. Coupled with the recent warrant exercise by Capital Consulting Inc., and an investment from Director Floyd Brown, CBMJ now has a more investor friendly share structure,” stated CEO Mark Schaftlein.
The corporate plan is to pay off the $57,775 of Convertible Debt at some future point. This fits with the corporate strategy to retire the majority of existing convertible debt to reduce potential dilution for shareholders. Over the past two quarters, $144,608 of debt including accrued interest has been removed from Convertible consideration as a result of this transaction, and two previous agreements reached to pay off eight additional convertible notes of which four have been paid and retired.
The three Directors now collectively own or control 162.5M Restricted Common shares which amounts to 45% of the of the total Issued and Outstanding Common Stock. Brandon Vallorani (45M Shares) and Floyd Brown (40M Shares) acquired their shares as a result of the acquisition of Dedonato Enterprises and Patriot Depot respectively. In addition, Nacel Energy (16.6M) recently converted $390,749 of debt into Restricted Common Stock at $.0644 per share.
The trading float of free trading stock stands at 98.8M shares.
The 250 Preferred shares acquired will be transferred to fellow Director Floyd Brown to complete a contractual obligation under terms of the Asset Purchase Agreement of Patriot Depot which was acquired in June.
