LAS VEGAS, Dec. 23, 2015 /PRNewswire/ -- XLI Technologies, Inc. (OTC PINK: XLIT) (the "Company" or "XLI") is pleased to announce that its Board of Directors has approved the cancellation of 65,000,000 existing shares of the Company's Common Stock currently beneficially owned by Company CEO James Schramm in exchange for 3,250,000 newly to be issued shares of Series A Preferred Stock.
In order to effect this cancellation of common stock and issuance of Series A Preferred Stock, the Company has received the required shareholder approval to amend its Articles of Incorporation to increase its total authorized shares from 550,000,000 to 800,000,000, of which 700,000,000 shares will be common stock and 100,000,000 will be Preferred Stock, with 20,000,000 shares of the Preferred Stock designated as Series A.
XLI Technologies, Inc. anticipates filing a Form 14C Information Statement with the Securities & Exchange Commission ("SEC") required to complete the amendment to its Articles of Incorporation prior to December 31, 2015. It is expected 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.
Once the amendment to the Company's Articles of Incorporation is deemed effective, each one (1) share of the Company's Series A Preferred Stock shall be convertible into twenty (20) shares of Common Stock. In addition, each holder of Series A Preferred Stock shall 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.
Prior to the cancellation of common stock and issuance of Series A Preferred Stock approved by the Board, there are, currently, 105,500,000 common shares issued and outstanding. Following the completion of these transactions, there will be a total of 40,500,000 shares of common stock issued and outstanding, a reduction of 61.6%. In addition, there will be 3,250,000 Series A Preferred Shares issued and outstanding, all held by James Schramm. All common and preferred shares held by management, insiders, and control persons of the Company are restricted from trading pursuant to the rules of the SEC.
James Schramm, CEO of XLI Technologies, Inc., commented, "The completion of this share restructuring will dramatically reduce the number of common shares issued and is expected improve the Company's ability to fully take advantage of any potential business and partnership opportunities that present themselves as we expand our business."
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.