Southern ITS International, Inc. Cancels a Majority of Outstanding Shares Pursuant to Court Order

Rhea-AI Summary

Southern ITS International, Inc. (OTC PINK: SITS) announced the cancellation of 86,225,000 shares of its common stock, effective January 23, 2023, following a Nevada District Court order issued on January 19, 2023. These shares, representing over 50% of the total issued shares prior to cancellation, were deemed illegitimate as they were issued without adequate consideration by previous management. The company's President, James E. Shipley, expressed that this cancellation benefits the majority of shareholders by effectively increasing per share value by over 50%. The company continues to focus on expanding its operational portfolio across multiple sectors.

Positive

• Cancellation of 86,225,000 shares boosts per share value by over 50%.
• Court ruling enhances shareholder confidence.

Negative

• None.

PALM DESERT, CA / ACCESSWIRE / January 31, 2023 / Southern ITS International, Inc. (OTC PINK:SITS) announced today that, pursuant to a Nevada District Court order issued on January 19, 2023, the Company's transfer agent has canceled an aggregate of 86,225,000 shares of Company common stock effective January 23, 2023. The Court determined that the shares in question had been issued by prior management without adequate consideration and ordered cancellation of the shares. The canceled shares represented more than 50% of the total issued and outstanding shares common stock prior to the cancellation.

James E. Shipley, President and CEO of Southern ITS International, Inc. stated, "The Company initiated the litigation to cancel these illegitimate shares in order to benefit the vast majority of our shareholders and we are pleased that the process has now been concluded. With these shares now canceled, the per share value to our shareholders has, in effect, been increased by over 50%. This represents a big win for our Company and our shareholders."

About Southern ITS International, Inc.

Southern ITS International, Inc., through its subsidiary companies, currently has operations focused on a wide variety of fields, including clothing, oil and gas exploration and development, and e-commerce fulfillment. We intend to expand upon our current base of operational companies and to increase our ownership and/or control of a portfolio of highly successful businesses. As a holding company, Southern ITS International continues to be in the market to acquire a stake in various companies both public and private which will complement its current operations. It will also focus on building a direct sales network of various e-commerce internet applications, manufacturing, and internet sales of various products. We have put in place an experienced management team that is continuing to build a diverse portfolio, buying entire companies, or interests therein, involved in technology, oil and gas, manufacturing, real estate, and other sectors, which will then become operating subsidiaries of Southern ITS International.

Precautionary and Forward-Looking Statement

This release contains "forward-looking statements" 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, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude or risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of several factors, and other risks identified in the Company's disclosures or filings with the SEC or OTC Markets Group, Inc. You are further cautioned that penny stocks and stocks of smaller companies like Southern ITS International, Inc. are inherently volatile and risky, and that no investor should buy this stock unless they can afford the loss of their entire investment.

Contact:
Southern ITS International, Inc.
Investor Relations
442-300-6522
info@sitsintl.com

SOURCE: Southern ITS International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/737326/Southern-ITS-International-Inc-Cancels-a-Majority-of-Outstanding-Shares-Pursuant-to-Court-Order

FAQ

What recent court ruling affected Southern ITS International's shares?

A Nevada District Court ordered the cancellation of 86,225,000 shares of Southern ITS International, Inc. on January 19, 2023.

How has the cancellation of shares impacted SITS shareholders?

The cancellation has effectively increased the per share value to shareholders by over 50%.

What percentage of outstanding shares was canceled by the court order?

The canceled shares represented more than 50% of the total issued and outstanding common stock before the cancellation.

Who stated the benefits of the share cancellation for SITS shareholders?

James E. Shipley, the President and CEO of Southern ITS International, emphasized the benefits for shareholders.