PV Enterprises International Announces Share Buyback To Commence Immediately
FORT LAUDERDALE, Fla., Nov. 13 , 2013 /PRNewswire/ -- Peter Villiotis, CEO of PV Enterprises International (OTC Pink: VDSC) (hereinafter referred to as the "Company"), would like to inform shareholders and interested parties alike as to recent corporate activities which have transpired over the past few months. These topics include:
- CURRENT CORPORATE SHARE STRUCTURE
- ANIT-DILUTION PROVISIONS
- PROPOSED CORPORATE BUYBACK OF SHARES
- UPLISTING TO NASDAQ MARKET PLACE
Many shareholders have corresponded with the Company expressing concern about the increases in the Authorized Shares and possibility of dilution to current shareholders. Let me assure you that the Company has NO intention of diluting shareholders and is in fact initiating a share buyback of up to 340 million of its shares via open market transactions. These purchases will begin immediately and last for a period of not less than 6 months. The Company further wishes to advise its shareholders of the breakdown of the current share structure:
There are currently 2.94 Billion shares Authorized. Of the 2.94 Billion shares, 1 Billion are preferred/restricted shares, unissued as of the date of this press release, and are segregated for the sole purposes of mergers/acquisitions. Once issued, these shares will be restricted from sale for a period of not less than 1 year. The remaining 1.94 Billion shares are comprised of the following:
- 1.2 Billion shares have been purchased by a qualified investment conglomerate interested in furthering PV Enterprises International for the sole purpose of applying for up listing to the NASDAQ World Market Exchange.
- The remaining 740 Million shares are currently in the tradable float, available to the general public.
The Company, in line with minimum equity application standards to list on the NASDAQ, believes that it is in the best interests of the Company to immediately effectuate an open market purchase of its stock, (SHARE BUYBACK), which shall commence for a period of not less than six months. It is the Company's intention to buyback approximately 340 Million of its shares via open market purchases from the tradable float and then subsequently retire those shares back into the Company's Treasury. This would then afford the Company a more manageable public float of approximately 400 million shares which the Company feels is sufficient enough to provide for market liquidity going forward.
The Company would further like to advise its shareholders that a Reverse Split of the Company's shares is not being contemplated, planned or proposed anytime within the next 2 years. The Company is confident in its business plan going forward, the revenues that plan will generate, combined with the proposed share buyback and resulting public float, that should be sufficient to procure an application to a higher exchange and ultimately the NASDAQ.
As previously stated the Company shall be issuing an additional press release this week highlighting one of our many recently signed revenue-generating contracts.
Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of PV Enterprises International, Inc., members of their management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
SOURCE PV Enterprises International Inc