PALM SPRINGS, Calif., Feb. 29, 2016 /PRNewswire/ -- WorldFlix, Inc. (OTC: WRFX) ("the Company") is pleased to announce that the corporation and Board of Directors is set to issue a specific class of Anti-Dilutive Convertible Preferred Securities to all of its common shareholders.
CEO Brad Listermann states, "We had to remove the compounding convertible debt off our balance sheet because it was a derivative liability that would have hampered WRFX's future growth prospects. We knew that signing off on these issuance resolutions might create fluctuation in shareholder value, but it was a necessary step forward, in order to attract new equity to our balance sheet, and start meeting the objectives of our New Agenda. We have thus come up with a solution to protect our stockholders from the losses they incurred in the open market."
WRFX will issue one (1) Restricted Anti-Dilutive Convertible Preferred Series B Share of the Company for every 100,000 shares held as of Record Date March 1st, 2016, to stockholders who are on the NOBO list.
These shares are priced at $2.50 per share, but convert at a par value .00001. These Restricted Convertible Preferred shares will serve as the redemption for the dilution of shareholders investments in the open market, through the debt conversions.
The shares are restricted for six months. Upon maturity, the Company will ask preferred stockholders to convert 1 or 2 preferred shares into 100,000 / 200,000 common shares, through a Transfer Agent. Each shareholder keeps their present common shares and will be required to show proof of purchase, which can include a processed cheque, bank statement, wire receipt or other verifiable evidence of each purchase.
"The Company is also negotiating to acquire several profitable enterprises as wholly owned subsidiaries, for Convertible Preferred Stock to meet the $4,000,000 shareholder equity threshold to qualify for a listing on a NYSE MKT," adds Listermann. "Much more information will be forthcoming on these companies as WRFX moves to closure on each of these agreements."
"We thank all shareholders for their continued support. As we meet certain milestones, the investment community will be more thoroughly aware of this through our disclosures and public records," closes Listermann.
Safe Harbor Statement
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
For more information please contact:
Brad Listermann, Chairman and CEO
SOURCE WorldFlix, Inc.