Tytan Cybernetics (“Video River Networks” OTC) Updates Shareholders on Stock Repurchase Program
Tytan Cybernetics (OTC: NIHK) has announced a significant buyback plan, with CEO Frank Igwealor acquiring 8,503,257 shares from the open market and intending to buy an additional 12 million shares. This initiative aims to alleviate shareholder dilution concerns and build long-term value. The company is also progressing with its Electric Vehicle division, collaborating with Lingstar Co. of China, and is set to launch the 'Drive Crypto EV' program by December 10, 2021, which rewards eco-friendly EV owners with cryptocurrency as they drive.
- CEO Frank Igwealor has purchased 8,503,257 shares of NIHK, demonstrating confidence in the company's future.
- Plans for additional 12 million share buyback aim to reduce shareholder dilution, potentially increasing shareholder value.
- The launch of the 'Drive Crypto EV' program could create new revenue streams and enhance consumer engagement.
- The mass-market production timeline for Electric Vehicles remains under review, introducing uncertainty.
- Lack of immediate financial metrics on the impact of the buyback on earnings per share or shareholder value.
TORRANCE, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Tytan Cybernetics/ Video River Networks “the Company” (OTC: NIHK TWTR: @NIHKEV), a technologically innovative Electric Vehicle, Fintech, Ai, Robotics, Drones, Distressed assets, and Business opportunities within the high growth, Fintech, Ai, Health, Sports and Entertainment industries, is pleased to update our shareholders and the investment community on a series of Form 4 filed by our CEO to report shares being bought back by Frank Igwealor from the open market.
“Although I have already bought 8,503257 shares of NIHK from the open market so far, I am looking to buy back additional 12 million shares of NIHK sporadically over the remainder of the year. My goal is to acquire and accumulate substantial amount of shares of NIHK from the open market to ease the dilution concerns of our shareholders and potentially use these shares as foundation for building generational wealth,” stated Frank I Igwealor, CEO of Tytan Cybernetics/ Video River Networks.
Previously, Tytan Cybernetics/ Video River Networks has announced the arrival of its first generation Electric Vehicles under the Joint Venture agreement with Lingstar Co. of Xian, China. While the American Electric Vehicles and Battery Technology, Inc.’s staff are working to review the vehicles and submit needed applications and paper-works to obtain certification for the vehicles for US roads, the timeline for commencement of mass-market production is still under review.
Furthermore, Tytan Cybernetics/ Video River Networks recently announced one-of-a-kind “Drive Crypto EV” program which is currently in development for all Electric Vehicles. “Drive Crypto EV” allows EV owners to join a Crypto program which will generate Crypto as the vehicle travels down the road. As each Crypto Coin is generated, the Coin will then be deposited into a secure and individualized owner’s App for transfer to a Crypto Wallet.
Operationalized as the “Green Class Initiative,” the program harnesses the power of Community to connects owners of EVs with a Crypto Wallet through a secure App for deposit into their accounts. It rewards environmentally friendly consumers with technological solutions of the future.
The Green Class Initiative Drive Crypto EV website and token is scheduled to launch around December 10, 2021.
Like Airline Mileage Programs, the token rewards recipients would be able to spend their token at any/every Tytan Cybernetics’ Charge Stations, Car-Wash and Convenient Stores, which would be launched across the 50 States by the middle of 2022.
About Tytan Cybernetics, Inc.
Tytan Cybernetics, Inc. is a holding company for a technologically innovative Electric Vehicle, Fintech, Ai, Robotics, Drones, Distressed assets, and Business opportunities within the high growth, Fintech, Ai, Health, Sports and Entertainment industries with focus to invest and bring to market the next generation of high-performance state-of-the-art products and services. The company’s current and expanding technology portfolio includes Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics ("EV-AI-ML-R"), with businesses and operations in North America and Asia. With a commitment to revolutionary technology, Tytan Cybernetics is in the process of cultivating prosperous technologies to enhance consumer’s cybernetic experience.
For more information, please check the latest updates on the company's Twitter account https://twitter.com/NIHKEV
Notice Regarding Forward Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.
CONTACT:
Tytan Cybernetics/Video River Networks
370 Amapola Ave., Suite 200A
Torrance, CA 90501
contact@videorivernetworks.net
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FAQ
What is the purpose of the share buyback by Tytan Cybernetics (NIHK)?
How many shares has CEO Frank Igwealor bought back for NIHK?
When will the 'Drive Crypto EV' program launch?
What is the 'Green Class Initiative' related to NIHK?
