Business & Finance
Business and Finance
Business and Finance
Thu, September 15, 2011
Wed, September 14, 2011 
FORT LAUDERDALE, Fla.--([ BUSINESS WIRE ])--247MGI, Inc. (Pink Sheets:TOFS) (a247MGIa) has moved to OTC Pink Current Information tier and the Company has also settled a legal matter reducing its liabilities.
The company has entered into an agreement with Dr. Peskin, a former Director of the Company which calls for the CEO to pay him $110,000 in 4 installments by October 26th. The first installment has been made. Upon receipt of the final installment, a Satisfaction of Judgment shall be filed with the Clerk of the Courts in Broward County, FL. The total reduction in liabilities off the balance sheets is over $200,000.
As stated previously, the Company would reduce its Authorized shares upon the successful uplist to aPKa status. Now, since that has taken place the certificate shall be overnighted to the transfer agent to allow this to happen. Once the shares are returned, which can take up to 72 hrs for the TA to complete the request, the Company will file an Amendment with the State of Florida to reduce the number of Authorized shares from 3.5 billion to 1.6 billion.
The Amendment takes 48 hours to complete which will then be followed by the completion of the merger. At this time the Company can begin to grow and work on its audit and then file an S1 registration for its new class of Preferred and become a fully reporting company once again.
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.
