MIAMI, March 27, 2012 /PRNewswire/ -- Onteco Corporation (OTC.QB: ONTC), (the "Company", or "Onteco"), announced today that its Board of Directors has approved a reduction in its authorized number of shares of common stock from two billion (2,000,000,000) to three hundred million (300,000,000). The reduction will be filed in the Company's state of incorporation, Nevada, immediately.
Dror Svorai, President, stated, "We are reducing the number of shares of authorized to more properly reflect our reduced need for the availability of so many shares in the future in connection with the reduction in the total number of issued and outstanding shares of common stock as a result of the reverse stock split." He added, "In addition, we do not foresee at this time a future need to have so many shares of common stock available to issue."
About Onteco Corporation
Onteco Corporation was founded to develop innovative, practical and cost-effective solutions to some of the most significant environmental challenges facing us today. Additionally, these solutions must show promise of generating significant, ongoing profits for the company. The company determined that one industry that meets these criteria is the Energy Saving Lighting Industry, and as a result acquired NexPhase Lighting, Inc., in February 2011.
Additional information about Onteco Corporation is available at: www.Onteco.com
About NexPhase Lighting, Inc.
NexPhase Lighting, Inc. is a designer and developer of proprietary high quality LED (light-emitting diode) lighting fixtures and control systems for commercial applications. It believes its products will be the lowest cost, highest efficacy fixtures available in the LED Lighting Industry. All NexPhase lighting products incorporate its proprietary "NexSense Technology™", which provides benefits well beyond the generally acknowledged advantages of all other LED lighting fixtures. NexSense control systems use a unique, "patent pending" wireless protocol, which provides for an unsurpassed reduction in architecture and infrastructure installation cost in commercial applications, as well as significantly reduced maintenance and ongoing operation costs.
For more information about NexPhase Lighting, Inc. visit: http://www.nexphaselighting.com
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.
CONTACT: Onteco Corporation
Dror Svorai, President, (305) 932-9795
SOURCE Onteco Corporation