Northstar announces steps to optimize its share structure including dropping its authorized shares by over 10 billion
HOLBROOK, N.Y., March 12, 2013 /PRNewswire/ -- Northstar Global Business Services, Inc. Symbol (OTCPink: MDIN), today announced that the appropriate forms have been filed and fees have been paid to bring it's standing with the state of Nevada "current and active," an important step in getting the DTCC Chill removed from the company's securities. The Nevada Secretary of State website should be updated within 48 hours with the correct information to show this change.
The announcement is one that brings relief to the company's CEO, Nick Chieco, who stated, "We felt the fees were excessive and unfair, and we did try to negotiate with them, but we just couldn't delay our plans any longer. I am relieved to know it is settled one way or the other and we can now submit our DTCC package to get the chill removed once and for all."
While lowering the number of authorized shares is important, the most critical hold up was the application to remove the DTCC "Chill" that the DTCC placed on Northstar back in 2010. The documentation that the DTCC requested in order to remove the chill could not be submitted as long as the company did not have satisfactory standing with its state of incorporation. Now that it is current in it's standing, the company can submit it's package and the DTCC can move forward to process it. The process has typically taken about 30 days for other firms in the past although there is no official timeframe.
As part of this process, the company has lowered its number of authorized shares by over ten billion shares. The number of authorized shares will now be only one billion five hundred million (1,500,000,000) shares. This step is being taken not only tighten up the share structure, but to also help Northstar position itself to apply for listing on a higher tier exchange in the near future. Mr. Chieco adds, "Our original plan was to decrease our authorized shares even lower, but after further research we have discovered that in order to meet the requirements of some exchanges, having 1.5 billion shares authorized was a better fit for the company."
In addition to this, the company is pleased to announce that it has bought back approximately 33 million shares from individual shareholders as part of its recently announced buy-back program, which is still in effect and going strong. The company plans to continue to purchase shares and looking for other ways to increase shareholder value by tightening up its share structure. The company continues to show that as it builds its business model and grows as a company, Northstar will continue to take every opportunity to maximize value for its shareholders.
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Northstar Global Business Services is dedicated to producing the best alternative healthcare products. The most popular products in Northstar's arsenal are Snorenz©, a patented spray for snoring relief and Stem-Intense, a unique stem cell replacement therapy supplement. Most of the company's products use a unique spray delivery system, and have received very positive consumer reviews all over the world, selling millions upon millions of units from 1996 to the present.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
SOURCE Northstar Global Business Services, Inc.