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CGrowth Capital, Inc. Initiates Share Reduction Plan
By: PR Newswire
Jan. 15, 2013 10:30 AM
SILVERDALE, Wash., Jan. 15, 2013 /PRNewswire/ -- CGrowth Capital, Inc. (OTC Pink: CGRA) (the "Company") today announced it has reached agreement with several existing shareholders related to the Company's efforts to begin a share reduction and lock down plan.
As part of the change in control filed with the Company's June 30, 2012 quarterly report, the Board of Directors showed forethought and instituted a leak out agreement with six (6) of the Company's shareholders. The leak out currently effects 7,500,000 free trading shares and 7,500,000 restricted shares and will remain in place for another 15 months.
Recently the Company initiated a lockup and leak out agreement with seven (7) shareholders affecting a total of 18,000,000 free trading shares and an additional 2,500,000 restricted shares.
An agreement has also been reached with our major shareholder whereas they have agreed to freeze 25,000,000 shares. This agreement is just the first stage, and the Company hopes to be able to announce additional commitments to freeze more shares in the near future.
Additionally, the Company is in the process of reducing its outstanding shares by retiring an initial 3,000,000 shares of the Company's common stock.
"It pleases me to be able to make strides at showing long term commitment to the Company by several of our shareholders," stated Bill Wright, CEO of CGrowth Capital. "We are working on a long-term project, and our shareholder base recognized the potential value. In total, we have been able to affect over 60 million shares through these efforts – approximately 30% of the total outstanding shares and 25,500,000 free trading shares. In our continuing effort to enhance shareholder value, the Board of Directors is working to approve a share buyback program. Further details will be provided in the near future."
For more information about CGrowth Capital, visit their website: http://www.CGrowthCapital.com.
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. serves as a holding company for businesses and assets focused on all aspects of mining. The processing of metal ore mining is a multi-billion dollar market opportunity which is capitalized through processing, sales, contracting and licensing of assets. CGrowth Capital's services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold and silver to market. CGrowth Capital will focus on acquiring or "claiming" land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of mining operations.
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.
SOURCE CGrowth Capital, Inc.
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