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247MGI to Reduce Liabilities by 30% without the Issuance of Any Stock

^{Published on 2011-08-25 05:01:47 - Market Wire}
 

FORT LAUDERDALE, Fla.--([ BUSINESS WIRE ])--247MGI, Inc. (OTC:TOFS) (a247MGIa) continues to move closer towards its pending merger. The Company is in the process of reducing its liabilities as reported for the quarter ending June 30, 2011 by 30% without issuing any stock.

The Company has stated it is trying to achieve eliminating all liabilities prior to closing and over the past two months has made great strides in achieving that goal.

The Disclosure Statement was filed Monday morning on [ www.pinksheets.com ] required for upgrading the Company from a aYielda status to aCurrent Information.a

The Company plans to merge in a private company, which will result in NO additional issuance of Common stock or a change in control.

The Company will reduce the Authorized shares of Common stock to 1,600,000,000 once the aPKa listing is done

The Company will not perform any form of Reverse Split for its Common stock, without majority shareholder approval.

The Company asks Shareholders to monitor PinkSheets.com for continued developments.

The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as abelieves,a aexpects,a apotential,a aplans,a asuggests,a amay,a ashould,a acould,a aintends,a or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.