Profitable Developments, Inc. (OTC PINK: PRDL), today announced that it plans to retire a total of four billion shares of common stock. Following the return of the two billion common shares back to treasury, Profitable Developments, Inc. will have less than 6bn common shares outstanding of which more than two billion is owned by insiders and subject to lockup agreements.
Our Share Return Program for Officers has been met with incredible success. Management has retired over Two Billion shares in the last few weeks and has committed to returning an additional at least Two Billion more shares which would effectively reduce the outstanding shares by over 30 percent. The share return program was initiated with a view to increasing shareholder value in connection with the recent contracts to purchase the first set of distressed real estate assets.
CEO Carl Grant stated, "The return of over 30% of our outstanding shares, by management, to treasury shows our commitment to our shareholders as well as our dedication to creating real value in our company stock. We believe this capital restructuring will make our stock much more appealing to prospective acquisition targets. The company is closing negotiations with the funding source to finance our real estate acquisitions and we expect to make a major announcement in the very near future." Mr. Grant went on to say, "We are currently finalizing talks with the funding source and are in serious talks with a buyer to sell one of the properties we recently entered into contract to acquire."
About Profitable Developments, Inc.
Profitable Developments, Inc. is Property Development Company listed on the OTC markets as a Current Information Company. Specializing in key locations globally in both under-priced land as well as in Property, the Company has an aggressive strategy to capitalize on the rising prices of Real Estate.
This press release may contain forward-looking statements, including information about management's view of Profitable Developments, Inc.’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Profitable Developments, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on Profitable Developments’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Profitable Developments cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Profitable Developments undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Profitable Developments.
Profitable Developments, Inc.
SOURCE: Profitable Developments, Inc.