American Video Teleconferencing Seeks Nevada Court’s Approval to Cancel 25,925,000 Shares

Rhea-AI Summary

American Video Teleconferencing Corp. (OTC PINK:AVOT) announced its intent to seek a declaratory judgment to authorize the cancellation of almost 26,000,000 shares issued by previous management between 1999 and 2012, for which payment was not confirmed. Current management aims to protect the interests of legitimate shareholders and has returned relevant certificates to the transfer agent. This action has resulted in a reduction of outstanding shares by approximately 63,000,000. The company is transitioning from an e-commerce focus to a diversified real estate marketplace.

Positive

• Successful reduction of outstanding shares by approximately 63,000,000, enhancing shareholder value.
• Shift in corporate strategy towards a diversified real estate marketplace, potentially opening new revenue streams.

Negative

• Uncertainty regarding the legitimacy of previously issued shares may raise concerns among existing shareholders.
• Potential legal costs and risks associated with seeking a declaratory judgment from the court.

LAS VEGAS, NV / ACCESSWIRE / February 9, 2021 / American Video Teleconferencing Corp. (OTC PINK:AVOT) today announces it is seeking a declaratory judgment authorizing the Company's transfer agent to cancel shares. The Company did not receive payment for these shares that were issued by prior management.

The almost 26,000,000 shares were issued in 1999, 2010, 2011, and 2012. Current management requested proof of payment from the certificate holders but did not receive a response and so has taken the steps necessary to protect the interests of the Company's legitimate shareholders. Recently the Company returned certificates in its possession to its transfer agent, so those shares could be canceled. As a result, the Company's outstanding shares amount was reduced by almost 63,000,000 shares.

About American Video Teleconferencing Corp.

American Video Teleconferencing Corp., doing business as Real Estate Eagle Firm, has changed its corporate strategy from that of an international e-commerce web portal to a innovative and diversified real estate marketplace endeavor. Included is a name change in to reflect this new real estate focus.

https://realestateeaglefirm.com/

Forward-Looking Statement
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new business opportunities and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

CONTACT:
Willy A. Saint-Hilaire
President/CEO

Cell: 407-489-3736
Office: 702-960-8910
contact@realestateeaglefirm.com

SOURCE: American Video Teleconferencing Corp.

View source version on accesswire.com:
https://www.accesswire.com/628794/American-Video-Teleconferencing-Seeks-Nevada-Courts-Approval-to-Cancel-25925000-Shares

FAQ

What is American Video Teleconferencing Corp.'s recent announcement regarding shares?

The company is seeking a court's approval to cancel almost 26,000,000 shares issued by prior management.

How many shares has American Video Teleconferencing Corp. canceled?

The company has reduced its outstanding shares by approximately 63,000,000.

What is the reason for American Video Teleconferencing Corp.'s share cancellation?

Payment for the shares issued by prior management was not confirmed, prompting current management to act.

What is the new corporate focus of American Video Teleconferencing Corp.?

The company is transitioning to a diversified real estate marketplace.

What ticker symbol is associated with American Video Teleconferencing Corp.?

The company's stock symbol is AVOT.