Company Reduces Shares Authorized, Shares Outstanding, and Debt
DALLAS, TX--(Marketwired - May 31, 2016) - Dig-it Underground Inc. (OTC PINK: DIGX) today announced that the Board of
Directors has approved a reduction of its authorized common shares by 100,000,000. Also, the Company accepted for cancellation
and return to the treasury 90,000,000 shares of common stock that were held by a former officer, reducing the number of issued
and outstanding shares to 1,785,612,000. The Company will file an amendment to its Articles of Incorporation with the Nevada
Secretary of State for the reduction of authorized shares within the next 30 days.
Additionally, the Company has significantly reduced its short-term revolving loan balance by $100,000, with the remaining
long-term liabilities consisting of two separate installment loans. One loan is a traditional commercial real estate loan and the
other is a medical equipment bank loan that has four years remaining.
"We have worked long and hard to make these improvements to our balance sheet, and are proud to be able to provide our
shareholders with a breakdown of how we were able to make these reductions," said Leonid Chernyakhovsky, President of Dig-it
Underground, Inc. "Neither our short-term nor long-term liabilities are secured nor collateralized by securities, which allows us
to continue building our brand through strategic growth without any toxic financing to hold us back."
Forward-Looking Statements: Statements in this document contain certain forward-looking Securities Exchange
Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future
performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Dig-it Underground, Inc. to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements. Dig-it Underground, Inc. assumes no obligation to publicly
update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially
from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual
results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors. There
may be other factors not mentioned above that may cause actual results to differ materially from those projected in any
forward-looking statement. We assume no obligation to update any forward-looking statements as a result of new information,
future events or developments, except as required by applicable securities laws.