Security First International Holdings (OTC: SCFR.PK) Cancels 853 Million Shares of Common Stock
Jan 31, 2012, 09:00 ET
LAS VEGAS, Jan. 31, 2012 /PRNewswire/ -- Security First International Holdings (OTC: SCFR.PK) – today announced the cancellation of 853,220,040 shares issued to Global Online Television (GOTV) in an ongoing effort to remedy previous anomalies in the share structure of the company.
The cancellation of shares announced today is the result of a previous merger proposed by past management that was never completed, but for which shares were issued. The result of this cancellation is a significant reduction in the number of outstanding shares of SCFR.
The issuance of these shares by Chris Dubeau, the prior CEO, whose whereabouts are currently unknown, is outrageous. It is precisely this kind of flagrant disregard for the shareholders that led to his problems with the Securities and Exchange Commission and his removal as an officer. The new management of SCFR has no involvement with the prior management and is remedying actions taken by Mr. Dubeau which are reprehensible if not illegal. Any similar acts that become known will also be dealt with immediately and harshly for the shareholders' benefit.
President and CEO James Scheltema stated, "Cancelling this large block of shares erroneously issued by past management to GOTV is another indication that we are working to enhance shareholder value. This reduces the number of shares outstanding, protecting the remaining shareholders from dilution of their investment. It is yet another step in showing the shareholders the integrity of the new management."
About Security First International Holdings
Security First International Holdings is a holding company implementing a new business plan to develop, acquire and market video game titles for the major platforms including Microsoft's Xbox, Sony PlayStation as well as PC, Android and iPhone. The company is currently in the process of building management and a web presence to continue with its plans to attract and market video games for the above mentioned platforms.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Security First International Holdings to be materially different from the statements made herein.
Security First International Holdings
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