Plan in place to reduce the common O/S by almost 45%
Rahway, NJ, Oct. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Spectacular Solar, Inc. (a Nevada Corporation) (OTCPK:SPSO) is pleased to announce that its request to increase the number of preferred shares that can be issued from 100,000,000 to 400,000,000 has been approved by office of the Nevada Secretary of State.
The purpose of the approved increase is to allow CEO Doug Heck to move his entire block of 302,185,737 common shares into preferred shares. The preferred class carries a 1:1 ratio with the common class of shares.
The Board of Directors authorized the issuance of 302,185,737 Preferred B shares to Heck upon the surrender of his common shares. With the pending retirement of the returned common shares, the O/S (Outstanding Shares) will be reduced by almost 45%, resulting in a new O/S of 375,148,167.
“After giving this more thought, there was absolutely no reason for me not to do this,” Heck said. “I want to continue building this company through strong fundamentals and reducing the common share structure by almost 45% is clearly another solid step in that direction.”
Heck has sent the necessary paperwork to Pacific Stock Transfer, the appointed agent for all classes of Spectacular Solar stock, to complete this transaction. Once the process is complete, the respective share counts will be updated with OTC Markets.
“This truly is our time to shine as we are moving towards to closing the book on a number of our top priorities,” Heck said. “I proudly look forward to sharing these accomplishments, one of which will be the release of record earnings in the third quarter.”
For more information: please visit http://www.spectacularsolar.com and please follow us on Twitter: @SPECTACULARSOL1
Contact: Gregg Boehmer: laynemichaelpr@gmail.com
Wyndham Hotel Project Video: https://www.youtube.com/watch?time_continue=74&v=BPLKjgdFaOw
About Spectacular Solar, Inc.: Spectacular Solar is a diversified company involved in solar system installations, investment fund management, and roofing contracting through its subsidiaries. DC Solar Integrators designs and installs state-of-the-art solar conversions for home and business owners. Star Power Services is a bonded and licensed roofing contracting company with expertise in new roof installation, repairs, and maintenance. The Solar Energy Investors Fund contributes to the ongoing insurance expenses directly associated with installation of solar systems. In return, the fund receives a share of tax benefits and ongoing revenue generated from electricity sales.
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The company doesn’t undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results, expressed or implied, in this or other company statements will not be realized. Readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
