ACCESSWIRE
01 Feb 2023, 00:05 GMT+10
PALM DESERT, CA / ACCESSWIRE / January 31, 2023 / Southern ITS International, Inc. (OTC PINK:SITS) announced today that, pursuant to a Nevada District Court order issued on January 19, 2023, the Company's transfer agent has canceled an aggregate of 86,225,000 shares of Company common stock effective January 23, 2023. The Court determined that the shares in question had been issued by prior management without adequate consideration and ordered cancellation of the shares. The canceled shares represented more than 50% of the total issued and outstanding shares common stock prior to the cancellation.
James E. Shipley, President and CEO of Southern ITS International, Inc. stated, 'The Company initiated the litigation to cancel these illegitimate shares in order to benefit the vast majority of our shareholders and we are pleased that the process has now been concluded. With these shares now canceled, the per share value to our shareholders has, in effect, been increased by over 50%. This represents a big win for our Company and our shareholders.'
About Southern ITS International, Inc.
Southern ITS International, Inc., through its subsidiary companies, currently has operations focused on a wide variety of fields, including clothing, oil and gas exploration and development, and e-commerce fulfillment. We intend to expand upon our current base of operational companies and to increase our ownership and/or control of a portfolio of highly successful businesses. As a holding company, Southern ITS International continues to be in the market to acquire a stake in various companies both public and private which will complement its current operations. It will also focus on building a direct sales network of various e-commerce internet applications, manufacturing, and internet sales of various products. We have put in place an experienced management team that is continuing to build a diverse portfolio, buying entire companies, or interests therein, involved in technology, oil and gas, manufacturing, real estate, and other sectors, which will then become operating subsidiaries of Southern ITS International.
Precautionary and Forward-Looking Statement
This release contains '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, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 'Forward looking statements' describe future expectations, plans, results, or strategies and are generally preceded by words such as 'may,' 'future,' 'plan' or 'planned,' 'will' or 'should,' 'expected,' 'anticipates,' 'draft,' 'eventually' or 'projected.' You are cautioned that such statements are subject to a multitude or risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of several factors, and other risks identified in the Company's disclosures or filings with the SEC or OTC Markets Group, Inc. You are further cautioned that penny stocks and stocks of smaller companies like Southern ITS International, Inc. are inherently volatile and risky, and that no investor should buy this stock unless they can afford the loss of their entire investment.
Contact:
Southern ITS International, Inc.
Investor Relations
442-300-6522
[email protected]
SOURCE: Southern ITS International, Inc.
Get a daily dose of The US News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to The US News.
More InformationWASHINGTON D.C.: The US Supreme Court will hear a trademark dispute over a dog toy shaped like a Jack Daniel's ...
KABUL, Afghanistan: Afghanistan's education ministry has announced that the country's school year has begun, but the United Nations children's agency, ...
TAIPEI, Taiwan: In an effort to ease tensions between Taiwan and China, former Taiwanese President Ma Ying-jeou will visit Beijing ...
NIAMEY, Niger: Four weeks after US Secretary of State Antony Blinken visited Niger, an American aid worker and a French ...
BRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...
BANGUI, Central African Republic: Authorities from the Central African Republic have said that nine Chinese nationals were killed and two ...
NEW YORK, New York - Wall Street jumped on Friday, although gains were modest after bank shares in Europe came ...
LOS ANGELES, California: Some 30,000 education workers in Los Angeles, backed by teachers, went on a three-day strike, canceling school ...
LONDON, England: Despite rising air fares, a potential global economic recession and risks of gridlock at some airports in Europe ...
WASHINGTON D.C.: The US Commerce Department has proposed new laws aimed at preventing China and other countries deemed of concern ...
NEW YORK, New York - As concerns over the banking sector eased, U.S. stocks moved moderately higher on Thursday, but ...
MEXICO CITY, Mexico: Amid Tesla's plan to open a $5 billion Gigafactory in the country, Mexico will soon become an ...