LAS VEGAS, Jan. 4, 2016 /PRNewswire/ -- XLI Technologies, Inc. (OTC PINK: XLIT) (the "Company" or "XLI") is pleased to announce that it has filed a Preliminary 14C Information Statement with the Securities & Exchange Commission to increase its authorized stock from 550,000,000 shares to 800,000,000, of which 700,000,000 shares will be common stock and 100,000,000 will be Preferred Stock.
The Board of Directors has yet to finalize the terms of the previously announced Series A Preferred Stock, having determined that such shares will no longer be convertible into common stock, although each holder of Series A Preferred Stock is still expected to be entitled to cast that number of votes which is equivalent to the number of shares of Series A Preferred Stock owned by such holder times five hundred (500). Common Stock and Series A Preferred Stock will vote as a single share class for all matters requiring a shareholder vote. Once the Definitive 14C Information Statement is filed with the SEC, the Board of Directors shall then finalize the terms and conditions of the Series A Preferred and shall file the appropriate Certificate of Designation with the State of Nevada.
As previously announced, however, and once the terms and conditions of the Series A Preferred Stock are finalized, Mr. James Schramm will return to authorized but unissued status a total of 65,000,000 shares of restricted common stock that he currently owns – which will result in a reduction of 61.6% of the Company's common stock. Mr. Schramm is expected to receive 3,250,000 Series A Preferred Shares in exchange for the 65,000,000 shares of common stock, though this may change and remains subject to the final terms and conditions of the Series A Preferred Stock. Regardless, all common and/or preferred shares held by management, insiders, and control persons of the Company are restricted from trading pursuant to the rules of the SEC.
XLI Technologies, Inc. anticipates that the amendment to the Company's Articles of Incorporation and other transactions described above should be completed in late January or early February 2016.
James Schramm, CEO of XLI Technologies, Inc., commented, "The Company has determined that its shareholders are best served by making the Series A Preferred Stock not be convertible into common stock, namely to inspire shareholder confidence in management and the fact that Company insiders are in this for the long haul and willing to do what is necessary to make this Company a success."
Additional information regarding the transactions described above will be released by the Company as it becomes available.
About XLI Technologies, Inc. (OTC PINK: XLIT)
XLI Technologies, Inc., through its wholly owned subsidiary, Bosch International, LLC, provides unique, versatile, durable, and eco-friendly Nanotechnology printed lighting products (LightSheets) to select companies in the automotive industry and to the entertainment sector, including movie theaters, movie studios, production and distribution companies, talent and management agencies, marketing and PR firms, and outdoor media in the USA and Canada. The Company is also exploring several other potential applications of the technology.
Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with intellectual property protection, marketing and sale, manufacturing and distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE XLI Technologies, Inc.