Northstar Global Business Services, Inc. announces a major decrease in its number of outstanding shares
HOLBROOK, N.Y., Dec. 17, 2012 /PRNewswire/ -- Northstar Global Business Services, Inc. Symbol (OTC PINK: MDIN) today announced the trimming of its outstanding, issued shares by a whopping one hundred thirty three million, three hundred thirty three thousand, three hundred thirty two (133,333,332) shares. The decrease was achieved through a carefully orchestrated insider share forfeiture and cancellation as part of the CEO's plan to trim down and streamline the company's equity structure. "Consider it a little Christmas present," said the company CEO, Nick Chieco. "My plan is to do a lot more, but I wanted to do something before the holidays to show that we are serious about avoiding dilution and increasing our value per share," he added.
The shares came from restricted stock owned by current and former insiders and represented a big chunk of the company's outstanding shares. Mr. Chieco also pointed out that since these shares were all originally issued more than a year ago, they could have been legally converted to free-trading shares under SEC Rule 144, so getting these shares under control and cancelling them, not only trimmed the number of outstanding shares down, but also protected the shareholders from the potential of damaging dilution for at least the next year or two. Existing restricted shares all have time before they will be eligible for removal of their trading restrictions.
Mr. Chieco remains firm on his promise not to utilize company equity to raise money or create dilution. He also confirms that there are still fewer than one hundred seventy million shares in the public float as there has been for over two years, and that shareholders are now protected from the restricted shares that would have been able to enter the float and create dilution. He reminds everyone that this is just a tiny step in a much larger plan for the company and it is a clear example of the management's dedication to flawlessly execute that plan.
Northstar Global Business Services is dedicated to producing alternative healthcare products. The most popular products in Northstar's arsenal are Snorenz©, a unique anti-‐snoring aid and "Good Night's Sleep," an FDA approved sleep aid. The firms newer products include StemIntense© and StemEnhance© both supplements that use a new Stem Cell Replacement Technology. Some products use the company's patented spray delivery system; have received very positive consumer reviews all over the world, and sold million upon millions of units from 1996 to the present.
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SOURCE Northstar Global Business Services, Inc.