$CYBK .122 Very nice news out!!! Cyber Kiosk So
Post# of 144498
[b]$CYBK .122 Very nice news out!!![/b]
Cyber Kiosk Solutions, Inc. has filed an Amendment with the State of Florida to reduce the number of its Authorized Shares fr...
CORAL SPRINGS, Fla., Feb. 26, 2013 /PRNewswire/ -- Cyber Kiosk Solutions, Inc. (PinkSheets: CYBK) is pleased to announce it has filed an Amendment to its Articles of Incorporation with the State of Florida to reduce the number of Authorized shares from 120 Million to 70 Million effective as of March 8, 2013.
The Company is also reducing its number of Outstanding shares from 114,539,275 to 49,538,275 effective March 8, 2013 leaving the Company with just over 20 million shares for acquisitions and stock options for key personnel and Board Members.
The reductions are made possible by an agreement made between the CEO and incoming Board members. The Authorized share reduction was a request made by the incoming Board members as was a two year restriction on the shares issued to the CEO. It was decided amongst all parties that a reduction in the number of Authorized and Outstanding shares would benefit the Company more than a two year restriction. The reduction in the Outstanding shares leaves shares available for the Company to use to acquire other businesses to increase revenues and assets of the Company.
Mr. Clarke, the CEO of the Company, has agreed to return 65 million shares of his issued and Outstanding Common stock back to the Company in exchange for 65 million in Preferred shares. The Preferred shares will be Non-voting and Convertible at the rate of 1 Preferred share for 1 Common share only if one of the following two events should take place; 1) if the Company or substantially all the Company is sold or 2) if Mr. Clarke becomes holder of less than 50% of the Outstanding shares of Common stock then Mr. Clarke can convert enough of the Preferred to retain 50% control.
Between now and March 8 the Company will Amend and file Restated Articles of Incorporation with the State of Florida and file the stamped copy along with the Board of Director minutes on www.OTCMarkets.com. Mr. Clarke will return his certificate for 100 million shares back to the transfer agent in exchange for a new certificate for 35 million restricted shares and be issued a certificate for 65 million shares of newly created Preferred shares.
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