AUSTIN, Texas, May 10, 2017 /PRNewswire/ --
Paradise Ridge Hydrocarbons, Inc. (OTC Pink: PRGE) today announced that stop transfer orders have been placed on 41,873,677 shares of free-trading common stock. In addition, the Company is working with its transfer agent, Transfer Online, to permanently cancel these shares and return them to the treasury.
PRGE has correctly reported in its filings and disclosures that the number of free-trading shares of common stock was 50,302,139 out of a total issued and outstanding of 175,238,775. However, the information previously provided by OTC Markets incorrectly reported that all 50,302,139 shares were in the public float, when in fact, only 8,261,990 shares have actually been deposited. The stop transfer instructions issued to the Company's transfer agent have blocked any further disposition of 41,873,677 free-trading shares of common stock. The stop transfers involve five (5) certificates issued to foreign off-shore tax haven companies, held in foreign brokerage accounts.
According to President Gordon Johnson, "we are continually evaluating the accuracy and integrity of our stock issuances and from time to time discover situations that require us to act. The information previously provided by OTC Markets incorrectly assumed that "free-trading" shares was equivalent to the "float". Upon discovering this error, we deemed it appropriate to rectify this and clarify."
Forward Looking Statements:
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
For more information:
Gordon Johnson, CEO
Paradise Ridge Hydrocarbons, Inc.
Telephone number: 512-655-2100
SOURCE Paradise Ridge Hydrocarbons, Inc.