WHIPPANY, NJ–(Marketwired – Dec 22, 2016) – Michael James Enterprises, Inc. (OTCQB: MJTV), is extremely pleased to report that the company is retiring 9,000,000 shares from its current outstanding which will lead to approximately a 42% reduction in the number of shares outstanding. The company also intends to retire an additional 750,000 shares at some point in the early part of the first quarter of 2017.
The 9 million shares being retired are shares that were acquired by the current CEO, James M. Farinella, when became Chairman and CEO. The additional 750,000 that will be cancelled were issued to a consultant that was unable to perform the designated services. MJTV is very diligent to make sure that not only are services to be performed, but performed with specific deliverables. Protection of MJTV and the building of shareholder value is priority number one.
MJTV CEO, James M. Farinella stated, “So often companies raise money and dilute the share structure of a company. I am taking this action because I want the public to know that we take the capital structure very seriously. With our first product LUNA hitting the market as we speak, with sales already starting, and Voluptas planned for launch in the near future we are poised for explosive growth and I want to make sure that translates into greater shareholder valuations now and in the future.”
Safe Harbor Statement
This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “will,” “expects,” and other terms with similar meaning. Forward-looking statements are based on current beliefs, assumptions and expectations and speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
Michael James Enterprises, Inc.