CHNC Announces Return of Half a Billion Shares
China Infrastructure Construction Corp (OTC: CHNC) announced the surrender of over 500 million shares by CEO Dante Picazo. These shares will be redistributed to enhance employee benefits through stock options and other compensation plans without causing shareholder dilution. Treasurer Henry Levinski highlighted the initiative's purpose to reward employees for their contributions. The company recently completed an audit of its financial statements and plans to change its corporate name, positioning itself for future challenges.
- CEO Dante Picazo surrendered over 500 million shares for employee benefits.
- No dilution of existing shareholder value due to share reissuance.
- Completion of the audit of financial statements by a PCAOB registered accounting firm.
- None.
HOUSTON, TX, March 28, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – China Infrastructure Construction Corp (OTC: CHNC): CHNC announces that Dante Picazo, its Chief Executive Officer, is surrendering over 500,000,000 shares of the Company’s common stock to the Company. The Company intends to use these shares for potential outstanding board directors that bring to the Company financial and a scientific business acumen, integrity and high ethics; as well as share-based employee benefits under an incentive plan that will permit the issuance of stock options, restricted stock, restricted stock units and other forms of compensation to its partners (employees). This is one of the many benefits that our partners (employees) enjoy and deserve and allows them to empower themselves, since they are the heart that pumps the blood that keeps our organism going and greatly nourishes every single segment. The reissuance of Mr. Picazo’s shares will not be dilutive.
Henry Levinski, CHNC’s treasurer, said, “We have decided to return these shares for use in an employee benefit plan so that the Company can reward its partners through share-based compensation in a way that will not result in dilution to its shareholders.” He added, “We are extremely proud of the talent that each person in our team has brought to the table in order to create, produce and sell our products. Throughout the ups and the downs of our business, our partners have successfully overcome the challenges that we have faced.”
Last week, CHNC announced that it had completed the audit of its financial statements by a PCAOB registered accounting firm and its plans to change its corporate name.
The Company welcomes new challenges and is ready to meet them.
To learn more visit: https://www.chnc-hdh.com/
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "projects," "intends," and similar phrases. Forward-looking statements involve risks and uncertainties that could cause actual results to differ from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of geopolitical conditions, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
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FAQ
What recent announcement did China Infrastructure Construction Corp (CHNC) make regarding share surrender?
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