LONGWOOD, Fla., May 18, 2011 /PRNewswire/ -- 3D Eye Solutions, Inc. (OTCPK: TDEY) is pleased to announce that the Company has retired 500,000 shares of Preferred Class B stock.
"The retirement of the Preferred Stock will significantly reduce the potential dilution to the shareholder base," stated Marc Jablon, Chairman 3D Eye Solutions, Inc.
3D Eye Solutions reduced its long term liabilities from ($2,306,554) to ($1,428,937). As a result of the debt forgiveness, the Company posted a Net Profit of $803,650 for the period ended March 31, 2011.
As part of a negotiated settlement agreement, 3D Eye Solutions was able to reduce its outstanding liabilities to the former CEO by $879,454. In addition, 3D Network International signed and paid for a 10 Year license agreement with 3D Eye Solutions. The settlement and license agreement is expected to reduce operational costs by more than $300,000 a year.
The public company will be undergoing a name change to better reflect its new business model. The new Company will market and sell the 3D technology under the 10 Year license agreement. The financials and all agreements are posted at http://www.otcmarkets.com/stock/TDEY/financials. 3D Network International is currently working on projects for television, motion pictures and animation including Bobo Tales, Who Am I, The Soul Exchange and Perfect Vision. 3D Network International will help 3D Eye Solutions fulfill 3D conversion projects in various markets worldwide.
To learn more about 3D Network International, Inc., please visit: www.3dnetworkintl.com
About 3D Eye Solutions, Inc.:
3D Eye Solutions, Inc. is a service provider and integrator for the 3D Stereo and Auto-stereo media industry that covers a wide range of markets. 3D Eye Solutions, Inc. produces and processes media content for corporate, venues, and trade show events. The Company also provides turnkey systems and converts existing media to enable end users to showcase properties in multi-view format. For more information, please visit the Company's Web site: www.3deyesolutions.com.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
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SOURCE 3D Eye Solutions, Inc.