Colambda Technology Announces the Return of 50 Million Shares Back to the Company

TUCSON, Ariz., Nov. 16, 2022 /PRNewswire/ -- The following is being issued by Colambda Technologies (Pink OTC: NCRE):

Colambda Technologies files 8K announcing the Board of Directors action to return 50,925,537 shares originally allocated to the founders. The move was made to create a more robust market for the Company's securities in anticipation of an immediate capital raise.

From the 8K:

On October 31, 2022, the Board of Directors resolved to reduce the number of unregistered shares of common stock issued to founders pursuant to the Merger that closed on July 9, 2022 (as filed with the Commission under Item 3.02 on July 14, 2022 on Form 8-K).  The total common shares outstanding at closing of the Merger was 129,176,724 and this number has been reduced by 49,925,537 to 79,151,187 in the aggregate.  The 50,925,537 common shares were returned to unissued but authorized shares.

A full text of the 8 K can be found at https://www.sec.gov/edgar/search/#ncre-20221102.htm

President and CEO David Riggs commented on the move by saying, "By making these adjustments we hope to create a better balance in equity among our current shareholders that will also allow the Company to eventually attract institutional investors and private equity firms."

Riggs went on to say " we intend to raise capital to continue the development of our core emissions reduction and battery enhancement technology and to support the growth of our subsidiary, Job Aire Group.

Job Aire Group (JAG) is experiencing a very positive growth cycle and Riggs indicated that Management will continue to support JAG's growth for the benefit of both companies.

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated status of such statements.

SOURCE Colambda Technologies