CORAL SPRINGS, Fla., Feb. 26, 2013 /PRNewswire/ -- Cyber Kiosk Solutions, Inc. (PinkSheets: CYBK) is pleased to announce it has filed an Amendment to its Articles of Incorporation with the State of Florida to reduce the number of Authorized shares from 120 Million to 70 Million effective as of March 8, 2013.
The Company is also reducing its number of Outstanding shares from 114,539,275 to 49,538,275 effective March 8, 2013 leaving the Company with just over 20 million shares for acquisitions and stock options for key personnel and Board Members.
The reductions are made possible by an agreement made between the CEO and incoming Board members. The Authorized share reduction was a request made by the incoming Board members as was a two year restriction on the shares issued to the CEO. It was decided amongst all parties that a reduction in the number of Authorized and Outstanding shares would benefit the Company more than a two year restriction. The reduction in the Outstanding shares leaves shares available for the Company to use to acquire other businesses to increase revenues and assets of the Company.
Mr. Clarke, the CEO of the Company, has agreed to return 65 million shares of his issued and Outstanding Common stock back to the Company in exchange for 65 million in Preferred shares. The Preferred shares will be Non-voting and Convertible at the rate of 1 Preferred share for 1 Common share only if one of the following two events should take place; 1) if the Company or substantially all the Company is sold or 2) if Mr. Clarke becomes holder of less than 50% of the Outstanding shares of Common stock then Mr. Clarke can convert enough of the Preferred to retain 50% control.
Between now and March 8 the Company will Amend and file Restated Articles of Incorporation with the State of Florida and file the stamped copy along with the Board of Director minutes on www.OTCMarkets.com. Mr. Clarke will return his certificate for 100 million shares back to the transfer agent in exchange for a new certificate for 35 million restricted shares and be issued a certificate for 65 million shares of newly created Preferred shares.
In other news:
The Company will be adding its 3 new Board members and 2 key officers, a COO and CTO by March 8th.
About Cyber Kiosk Solutions, Inc.
Cyber Kiosk Solutions, Inc. distributes Company owned kiosk machines and tablets under the brand name Cyber-Thingy™ to earn residual revenues and/or sell kiosk machines to earn up-front and residual revenues. Cyber-Thingy™ is divided into two divisions, Domestic and International. Cyber-Thingy's™ Domestic division distributes Company owned kiosk machines and tablets to earn residual revenues and/or sell kiosk machines to earn up-front and residual revenues. Cyber-Thingy's™ multiple revenue streams are derived transaction and fee based programs running within the kiosks such as; Digital Advertising, Mobile Phone Top-up Minutes (reload), Online Bill Pay, Money Transfers, International Calling Cards, Events-Sports-Movie Tickets, Gift Card Programs, Prepaid Cards, Prepaid Cell Phone Service and New Products Advertising Wraps. ALL services come with an immediate purchase option. Each Kiosk machine comes with a cash bill acceptor and a credit card reader for ease of payment. Tablets are connected to existing POS systems. These multi-functional kiosks and tablets not only earn Cyber-Thingy™ residual revenues but create residual revenue opportunities for the multiple companies involved. Cyber-Thingy™ International division distributes sports book, gaming and lottery software to the international markets as well as its multi-functional kiosks and tablets.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE Cyber Kiosk Solutions, Inc.