MANASSAS, VA, Oct. 25 /PRNewswire/ - In light of recent events, the Board of 8000inc would like to state that the current litigious statements made publicly and, in its opinion, the current under valuation of the company is no longer acceptable and does not fit with the corporate objectives. The following actions have been instigated in the best interests of the shareholders and company. It is the Board's intention to progress to a higher reporting exchange with immediate effect and full execution of its plan.
- 8000inc has engaged two Independent Investment Banks to facilitate exchange progression and increase capital resource. Progression to a higher exchange is in the shareholders' and company's best interests. Progression will be through OTCQX and subsequently OTCQX premier. Currently, 8000inc satisfies all criteria other than share price. The Board believes that the business activity instigated will achieve the objectives of 10 cents minimally and $1 respectively. However, the mechanisms for merger with an established corporation through a management buyout have already been approved and established.
- The company is acquiring and retiring common stock to achieve a public float of 20M shares.
- A new management team will be installed.
- Investors are advised that due to the absolute requirement to attain higher exchange status and to fund its acquisitions, the number of issued shares will increase. These shares will be held as collateral to raise the cash requirements for acquisitions and exchange progression, will be non-dilutable, and will be returned to treasury after the loan term and retired. The available public float will not increase from its current figure, but will be decreased to 20M shares. Any increase in non-dilutable shares issued to accommodate expansion will be matched by increased revenue, profit, improved balance sheet and asset value and increased shareholder equity for exchange progression.
- 8000inc has acquired a construction business to manage the development of the 35 acres site for the Desmond Haynes Sporting Centre of Excellence and its corporate HQ. The company has 13 years' operating experience with $1M annual revenue across the Caribbean, and will provide project management and construction ability. The new subsidiary will maintain the current 8000inc property portfolio reducing expenditure and costs currently paid to outside contractors.
- The company will invest $1M USD into the Barbados cotton industry, acquiring the latest commercial equipment and factory location to supply its own Brand.
- The company has not instructed its transfer agent to withhold any information. This is a unilateral decision by Signature Stock Transfer Inc.
Thomas Kelly, CEO 8000inc stated, "When we started the journey we believed that through delivering and progressing the market would follow. The company and the team delivered, exceeded expectations and is continuing to do so. The recent inaccuracies relating to the company will no longer be accommodated. Shareholders should realise what has been achieved and the value of 8000inc stock. The recent events have been addressed and every precaution is now being taken so that these situations do not arise again. The single objective of the Board is to deliver successes for the company benefiting its shareholders, the backbone of the company. 8000inc is taking a stance and has taken drastic action to ensure the continued success of the company. These actions will ensure our presence in the market place and return faith and prosperity to the shareholders."
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbour" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of 8000inc. see "Risk Factors" in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.