Futuris Company Retires 93% of Outstanding Shares
Kalyan Pathuri, CEO of Futuris Company (OTC:FTRS), announced a significant reduction of issued shares of common stock from 288,602,964 to 20,442,964, marking a 93% decrease. In exchange, stockholders received newly designated Series M Preferred Stock, which carries no voting rights. This move aims to enhance shareholder value and support future acquisitions. CFO Amit Jain noted an increased demand in the staffing industry due to COVID-19, suggesting a favorable environment for rapid expansion.
- Reduction of common shares by 93% enhances shareholder value.
- Issuance of Series M Preferred Stock allows for funding future acquisitions.
- Increased demand in the staffing industry presents growth opportunities.
- None.
FAIRFAX, VA / ACCESSWIRE / February 10, 2021 / Kalyan Pathuri, CEO and President of Futuris Company (OTC:FTRS) announced today that the company has reduced the issued shares of its common stock from 288,602,964 common shares to 20,442,964 common shares. The shares represent a reduction of almost
In exchange for the return of the 273,000,000 shares of the Company's common stock, the Company issued to the Stockholders shares of its newly designated Series M Preferred Stock (the "Series M Preferred Stock"). The Series M Preferred Stock have no voting rights.
Mr. Pathuri stated, "We wanted to start 2021 with our best foot forward. The decision was made to redeem and retire a majority of our outstanding shares from certain stockholders. In doing so, we are not only emphasizing our commitment to shareholder value but also enhancing the growth of our company through finding favorable funding for future acquisitions."
Futuris remains steadfast in working towards achieving its acquisition goals and uplisting to a higher exchange.
"COVID 19 has created a greater than ever demand in the Staffing industry. While it is unfortunate that many businesses are suffering during this time, the current environment has created the best scenario for our company to expand at a rapid rate," stated CFO Amit Jain.
We encourage shareholders to continually visit our website and social media platforms for new and exciting updates to come.
Website: www.futuris.company
Twitter: www.twitter.com/futuriscompany
About Futuris Company
Futuris is a Human Capital Management (HCM) company focused on the acquisition and operation of Executive Search, Staffing and Consulting Companies that specialize in professional service verticals such as Medical, Accounting/Finance, Information Technology, Recruitment Process Outsourcing (RPO), and Human Resources. The Company is committed to building a global staffing company through highly targeted and accretive acquisitions and operational efficiencies. For more information, please visit http://futuris.company/.
Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by Futuris Company with the Securities and Exchange Commission. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
Contact Information:
Futuris Company
Preya Narain
Email: info.it@futuris.company
Phone: 347-837-0626
SOURCE: Futuris Company
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FAQ
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