Puget Technologies: Additional item to be voted on at 2021 Annual Meeting of Shareholders
Puget Technologies, Inc. (PUGE) announced plans for its 2021 shareholders meeting, focusing on shareholder feedback regarding potential dilution from incentive stock option plans. To mitigate concerns, the board approved adding a buyback plan to the agenda, aimed at repurchasing company securities from non-affiliates when deemed undervalued. This strategy intends to support the incentive stock option plans without adversely impacting the trading markets. The management believes that the benefits of the options will outweigh any dilution effects.
- Approval of a stock buyback plan to address shareholder concerns over dilution.
- Management's commitment to enhance company performance through incentive stock options.
- Concerns over potential dilution of shares due to proposed incentive stock option plans.
BOCA RATON, Fla., April 06, 2021 (GLOBE NEWSWIRE) -- Puget Technologies, Inc. (“Puget”; Pink Open Market symbol “PUGE”), a Nevada corporation subject to reporting pursuant to Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended, announces that, in response to comments received from several of our Company's shareholders concerning the proposal for shareholder ratification of incentive stock option plans at our 2021 shareholders meeting and their concern with possible dilutive effects on the public trading markets for our Company’s securities as a result of such plans, our Company’s management has proposed and our board of directors has approved that the following item be added to the agenda for the 2021 shareholders meeting:
| 8. | Approval of a Company trading securities buyback plan as a means of providing the Company with securities necessary for use in the proposed incentive stock option plans. |
| The Company’s management shares the concerns expressed by some Company shareholders concerning the dilutive impact that the proposed incentive stock option plans might have on the trading markets for the Company’s securities and while it feels that any such dilution would be more than compensated for in the pricing of the Company’s public traded securities by the positive impact the recipients of such options would have on our Company’s performance, it also realizes that at times, the Company’s publicly trading securities might be undervalued and present an economically justified alternative to funding the proposed incentive stock option plans through issuance of Company securities from the authorized but unissued or treasury security pools. Consequently, the Company’s board of directors has decided to seek the approval of its shareholders for the repurchase of outstanding and trading Company securities from non-Affiliates at then applicable public offering prices if, in the judgment of the Company’s board of directors, such securities are undervalued, and further, if such repurchases are conducted in full compliance with any and all applicable laws, regulations and rules and will not result in adverse tax consequences to the Company. | |
| Forward-Looking Statements |
| Any statements made in this press release that are not statements of historical fact, including statements about Puget’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will” or, in each case, their negative, or other variations or comparable terminology. Puget bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although Puget believes that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect Puget’s actual results to differ materially from those expressed in the forward-looking statements and projections. Puget undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If Puget does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements. |
For additional information, please contact Puget at 1 305 721 3128, by email at info@pugettechnologies.com or visit its website for continuing updates at https://pugettechnologies.com.
FAQ
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