ADHC Has Added an Additional 142 Million Shares To A Recent Court Ordered Cancellation Of Company Common Stock Completing the Company's Corporate Restructuring
Del Mar, California--(Newsfile Corp. - August 29, 2024) - American Diversified Holdings Corporation (OTC Pink: ADHC) announced today the completion of a comprehensive overhaul of the Company's balance sheet and capitalization structure. In addition to the $2.73 million debt cancellation recently announced, management has identified an additional 142 million shares of Company common stock set to be cancelled and returned to the Corporate Treasury. The amount of shares cancelled will now total over 466 million shares as a result of pursuing the appropriate legal remedies.
The Transfer Agent has previously received the formal court order from the Eighth Judicial Circuit Court, Clark County, Nevada, Case Number A-21-843670-B formally ordering the cancellation of 324.5 million shares of common stock.
"After successfully receiving a judicial order cancelling 324.5 million shares, we have identified more shares that are subject to cancellation," Commented ADHC. "Our recently announced debt cancellation of $2.73 million and this additional 142 million shares set to be cancelled, will serve to solidify our capitalization structure as we contemplate new business operations and potential acquisitions," Concluded ADHC.
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SAFE HARBOR FORWARD-LOOKING STATEMENTS: This press release may contain forward-looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected revenue, contracts, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC) and on the OTC Disclosure & News Service (OTCDNS). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC and/or OTCDNS. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and secure construction contracts and the necessary assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC and/or OTCDNS filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business in the construction industry may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time. Words such as "estimate," "project," "predict," "will," "would," "should," "could," "may," "might," "anticipate," "plan," "intend," "believe," "expect," "aim," "goal," "target," "objective," "likely" or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.
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