LAS VEGAS, Feb. 17, 2016 /PRNewswire/ -- XLI Technologies, Inc. (OTC PINK: XLIT) (the "Company" or "XLI") is pleased to announce that it has completed the cancellation of 40,000,000 shares of the Company's Common Stock beneficially owned by Company CEO James Schramm in exchange for 100,000 newly issued shares of Series A Preferred Stock.
James Schramm, CEO of XLI Technologies, Inc., stated, "Completion of the first stage of our share restructuring plan has dramatically and permanently reduced the number of XLI common shares outstanding. This puts the Company in a stronger position to take advantage of potential new business opportunities, but equally as important, the fact that Series A Preferred shares are restricted from sale and not convertible back into common shares are a reminder of management's long-term commitment to the success of this company and maximizing value for all shareholders."
The Company's Series A Preferred Stock entitle each holder to cast that number of votes which is equivalent to the number of shares of Series A Preferred Stock owned by such holder times seven thousand (7,000). The Company's Common Stock and Series A Preferred Stock will vote as a single share class for all matters requiring a shareholder vote. The Company's Series A Preferred Stock is not convertible to Common Stock.
Following the cancellation of 40,000,000 common shares and issuance of 100,000 shares of Series A Preferred Stock there are currently 65,500,000 common shares issued and outstanding, a reduction of 38%. There are also currently 100,000 Series A Preferred Shares issued and outstanding, all held by James Schramm. All common and preferred shares held by management, insiders, and control persons of the Company are restricted from trading pursuant to the rules of the SEC.
In addition, XLI anticipates the cancellation of an additional 25,000,000 shares of the Company's Common Stock beneficially owned by Company CEO James Schramm in exchange for a newly to be created class of Series B Preferred Stock. Terms of the Series B Preferred Stock are currently being determined by the Board of Directors of the Company, but the Series B will not be convertible into common stock.
Information regarding the planned transactions described above will be released by the Company as it becomes available, which is anticipated to be sometime in the next week.
About XLI Technologies, Inc.
XLI Technologies, Inc., through its wholly owned subsidiary, Bosch International, LLC, provides unique, versatile, durable, and eco-friendly nanotechnology printed lighting products (Printed LightSheet) to the entertainment sector, including movie theaters, movie studios, production and distribution companies, talent and management agencies, marketing and PR firms, outdoor media and limited automotive in the USA and Canada. The Company is also exploring several other potential applications of the technology as well as expansion of territory rights.
Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with intellectual property protection, marketing and sale, manufacturing and distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE XLI Technologies, Inc.