World Oil Group, Inc. Cancels 2.12 Billion Shares or 71.8% of Its Common Shares Ahead of Its First Acquisition

Rhea-AI Summary

World Oil Group, Inc. (OTC Pinksheets WOGI) has canceled 2.12 billion common shares, representing 71.8% of its outstanding shares, reducing the total to 833,262,060. This action precedes the company's first acquisition and aims to streamline management structures. Additionally, authorized shares have been cut from 5 billion to 1 billion. CEO Claudio Aballay emphasized the absence of toxic debt and confirmed no plans for a reverse split. These moves are indicative of a strategic shift within the company.

Positive

• Cancellation of 2.12 billion shares strengthens share value for remaining shareholders.
• Reduction of authorized shares from 5 billion to 1 billion reflects better management control.

Negative

• None.

Debary, FL, April 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- World Oil Group, Inc. (OTC Pinksheets WOGI) announced today that it has canceled 2.12 billion or 71.8% of its common shares ahead of its first acquisition, leaving the issued and outstanding at 833,262,060 common shares. The company has also reduced its authorized shares down to 1 billion, from 5 billion.

CEO Claudio Aballay stated this reduction was done to accommodate the new company’s management which also plans additional cancellations of common stock. Our transfer agent will reflect these changes in the coming days and the Florida secretary of state is in receipt of our changes.

Claudio also stated that “World Oil Group, Inc. has no toxic debt and will not be doing a reverse split.”

Safe Harbor Statement

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission.

Forward-Looking Statements

This press release may contain forward-looking statements, including information about management's view of World Oil Group Inc.’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of World Oil Group Inc., its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on World Oil Group Inc.’s future results. The forward-looking statements included in this press release are made only as of the date hereof. World Oil Group Inc. cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, World Oil Group Inc. undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by World Oil Group Inc.

Claudio Aballay
407-777-9228
Info@worldoilgroup.com

FAQ

What does the recent share cancellation mean for WOGI investors?

The cancellation of 2.12 billion shares may enhance the value of remaining shares for WOGI investors.

How many common shares does World Oil Group have after the cancellation?

After the cancellation, World Oil Group has 833,262,060 common shares outstanding.

What is the reason behind the share reduction by World Oil Group?

The share reduction is aimed at accommodating new management and improving the company’s financial structure.

Will World Oil Group execute a reverse stock split?

No, according to CEO Claudio Aballay, World Oil Group will not be undertaking a reverse stock split.

What is the current authorized share count for World Oil Group?

The authorized shares have been reduced to 1 billion from the previous 5 billion.