ORLANDO, Fla., Feb. 8, 2013 /PRNewswire/ -- Mindpix Corporation (OTC Pink: MPIX) today announced that the company and board has approved the exchange of Common shares by several shareholders for shares of a newly created class of Preferred Stock. These shareholders have decided to convert 400,000,000 (four hundred million) common shares to a preferred share class with voting rights and other attributes.
The Board has consented to issuing a preferred B Series Class of stock with a basis of $1.50 per share. The Board has agreed the common stockholders can exchange 100 shares of MPIX common stock for 1 share of preferred B common; which will also allow for 150 votes for each 1 share of preferred B Shares issued. The Preferred B will carry an annual dividend rate of Seven percent (7%). Interest will begin to accrue on July 1, 2013. Mindpix expects to file the designation of the preferred shortly.
Part of the Company's strategy is to maintain and create a healthy capital structure. "This conversion allows for Mindpix to continue to focus on executing its business plan as effectively and efficiently as possible," says Armando Almirall, President and CEO of MPIX.
About Mindpix Corporation
Mindpix Corporation (OTC Pink: MPIX) commonly referred to as MPIX, is an entertainment company that primarily focuses on the production, use and redistribution of music. MPIX operates a collection of multimedia and family entertainment content, as well as the licensing rights to the original master
recordings of a music library catalog of over 17,500 songs by renown artists including, but not limited to Billy Joel, Bob Dylan, Chicago, Dolly Parton, Elvis Presley, Frank Sinatra, Gladys Knight, James Brown, Jerry Lee Lewis, Little Richard, The Bee Gees, The Drifters, The Platters, The Who, Waylon Jennings, and Willie Nelson. MPIX has recently updated their disclosure and financial information at OTC Markets. All files can be found at the following site: http://www.otcmarkets.com/stock/MPIX/filings/
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward-looking statements relate to, amongst other things, current expectations of the business environment in which the company operates, potential future performance, projections of future performance and perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
President & CEO - Mindpix Corporation
SOURCE Mindpix Corporation