NEW YORK, Aug. 3, 2015 /PRNewswire/ -- Good Vibrations Shoes, Inc. (OTCPink: GVSI) today announced that the company has filed amendments with the Nevada Secretary of State to change the official company name to Vindai Corporation, and to drastically reduce the number of authorized shares from one billion to two hundred and fifty million shares, putting a ceiling on how many shares can be issued, while leaving a little room for any acquisitions or public offerings that may be beneficial in the future.
The name change was filed right away as promised, and is an important step in moving government contracts and corporate deals under the Good Vibrations umbrella. As Vindai Corporation, the former Good Vibrations can now apply for vendor IDs from states like New York and California in which the company will do business and there will be no confusion. That process is expected to begin immediately upon the State of Nevada's recording of the amendments, expected to take about a week.
The reduction of authorized shares was also necessary. As a public company with a very small number of shares currently outstanding, Vindai management felt that there was no need for so many authorized shares since it foresees no need for any substantial issuances in the near future. However, the company left a small buffer of authorized shares in case presented with an acquisition or opportunity it just couldn't refuse. Since Vindai Corporation has no need for substantial funding for operations, management feels it would only need those shares if it were to buy another company, or developed a need for a public offering down the road. For the short term the focus will be on getting the registrations as approved government vendors needed to do business with state and federal governments in place, and preparing the Form-10 needed to become fully reporting, another one of the company's short term goals.
Although there is still a decent amount of work necessary, Vindai has not missed a step yet, and it is "business as usual" for the company and its current business. Vindai assures shareholders that they are working around the clock to get everything in order and they can look forward to lots of developments in the weeks to come as the company works towards its goal of being the top supplier of body cameras and associated technology to police officers, military, and private security worldwide.
For more information or to contact Vindai Corporation, the public is encouraged to visit www.vindaicorp.com, or follow the company on twitter at @vindaicorp.
ABOUT GOOD VIBRATIONS SHOES
Good Vibrations Shoes operates a wholly owned subsidiary business called Vindai, which focuses on fulfillment of government contracts in the areas of law enforcement, military, and corrections, as well as corporate contracts in private security and other areas. The company's goal is to dominate the fast growing, wearable body camera industry expected to grow to several billion dollars per year.
This Release may contain forward-looking statements within the meaning of the Private Securities Ligation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential," and similar expressions. These statements reflect what the Company currently believes and are based upon information currently available. Accordingly, such forward–looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information provided in this Press Release including such forward-looking statements.
SOURCE Good Vibrations Shoes, Inc.