Virogen, Inc. Completes 2nd of Two Steps Towards Cancellation of 1 Billion Shares Company Views Removal of Shares from Float as Beneficial to Long-Term Shareholder Value
SAN GERONIMO, Calif., April 1, 2013 /PRNewswire/ -- Virogen Inc. (OTC:VRNI), a holding company specializing in data security and encryption technology, today announced that it had completed the 2nd step in a required two-step process that will result in the cancellation of 1,000,000,000 of its currently outstanding shares. Management expressed its belief that this share cancellation will prove to be beneficial to shareholder value, in the long-term. Completion of the share cancellation process is expected to occur prior to the end of the current quarter. As previously announced management intends to cancel an additional 5,000,000,000 of the company outstanding shares and expects the 2nd step to be completed over the next 30 days.
About Virogen, Inc.
Virogen, Inc. is a technology holding company. The company's wholly owned subsidiary, Tiger Team Technologies "T3," has developed a very unique suite of copyrighted tools to address the network and database security needs of enterprise level companies and corporations. T3's risk management offering provides an unprecedented level of security and liability protection, positioning it as the only company with a comprehensive solution to data security breaches for its clients. T3's primary markets include medical service providers, financial services firms, brokerages and currency transaction platforms, consumer credit card companies, banking entities, retailers, defense and government related operations.
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 Virogen, Inc. and members of its management as well as the 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. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions the occurrence of unanticipated events or changes to future operating results.
SOURCE Virogen, Inc.