Voip-Pal.com Inc. (“Voip-Pal”, “Company”) (OTC Pink: VPLM) announced
today that the Board of Directors has unanimously passed a resolution to
freeze any transfer of approximately 100,000,000 shares issued in 2013
to Locksmith Financial Corporation (“Locksmith”), pending the outcome of
a recently conducted regulatory investigation. The current holders of
these stocks include Locksmith, Talisman Financial Inc., VHB
International Ltd., and Cactus Ventures, Inc.
Earlier this year, while an independent accounting firm was conducting
an internal audit, the Company discovered that the shares in question,
which had been issued for the settlement of debt, lacked proper
documentation and sufficient proof of debt. After several unsuccessful
attempts to secure the documentation from Locksmith, the Company
referred the case to the proper regulatory agencies.
An investigation was conducted with Voip-Pal’s full cooperation.
Voip-Pal is currently awaiting the outcome of that investigation. By
promptly reporting this alleged improper share issuance to the
appropriate authorities, Voip-Pal has assured that its shareholders are
protected. Company director, Dr. Thomas Sawyer who initiated this
investigation on behalf of Voip-Pal and its shareholders will continue
to interface with regulatory agency representatives and oversee this
matter to its conclusion.
In the event the investigation proves the shares in question were issued
improperly, Voip-Pal will take immediate action to cancel and return
them to the Company treasury resulting in a significant reduction of the
total outstanding shares. Consequently, the newly reduced outstanding
shares total will automatically trigger an additional reduction of
approximately 41,000,000 more shares currently held by CEO, Emil
Malak. This will lower the total issued shares by approximately
140,000,000 resulting in a significant increase in shareholder value.
About Voip-Pal.com Inc.
Voip-Pal.Com, Inc. (“Voip-Pal”) is a publicly traded corporation (OTC
Pink: VPLM) headquartered in
Bellevue, Washington. The Company owns a portfolio of patents relating
to Voice-over-Internet Protocol (“VoIP”) technology that it is currently
looking to monetize.
Copyright Business Wire 2014