DiMi Telematics International Retires 100 Million Shares of Common Stock
NEW YORK, NY, Jun 14, 2012 (MARKETWIRE via COMTEX) --
DiMi Telematics International, Inc. (OTCQB: DIMI) (PINKSHEETS:
DIMI), a cloud-based M2M communications solutions provider, today
announced that it has retired 100 million shares of common stock,
resulting in a 23% reduction in the number of common shares issued
The retirement of these shares occurred in connection with an
Exchange Agreement entered into by the Company and Lyle Hauser, one
of DiMi's co-founders. Hauser has exchanged 100 million shares of the
Company's common stock for 1,000 shares of newly created Series A
Preferred Stock. Immediately following the exchange and retirement of
the common shares, the number of common shares issued and outstanding
was reduced from 427,716,928 to 327,716,928.
In the event the Company does not achieve a minimum of $0.01 earnings
per share for its fiscal year ended August 31, 2013, Hauser will have
the right to return the 1,000 shares of Series A Preferred Stock and
be reissued 100 million shares of DiMi's common stock. If the
Company's earnings per share are equal or greater to $0.01, then all
shares of the Preferred Stock shall be redeemed by the Company
without any consideration payable to Hauser.
Commenting on the Exchange Agreement, Barry Tenzer, President and CEO
of DiMi Telematics, stated, "The exchange and retirement of these
common shares is viewed by our management team as a very positive
step toward improving our Company's overall capital structure and
enhancing value for both our new and existing shareholders. Moreover,
Lyle's decision to enter into this share exchange represents a
much-appreciated vote of confidence in DiMi's exciting business plan
and positions us well to implement our strategic growth initiatives
in 2012 and well beyond."
For more detailed information, please refer to the related 8-K to be
filed with the U.S. Securities & Exchange Commission later today.
About DiMi Telematics International, Inc.
Established in 2011 and
based in New York City, DiMi Telematics International, Inc. (DTI)
designs, develops and distributes cloud-based, Machine-to-Machine
(M2M) communications solutions used to remotely track, monitor,
manage and protect multiple fixed and mobile assets in real-time from
virtually any web-enabled desktop computer or mobile device. Through
its proprietary software and hosted service offerings, DTI is
capitalizing on the pervasiveness and data transport capabilities of
wireless networks in order to facilitate communications, process and
energy efficiencies between commercial and industrial business
owners/managers and their respective networked control systems,
sensors and devices. Strategically, DTI is focused on the M2M market
segments in which it can provide highly differentiated,
environmentally responsible and value-driven solutions capable of
unleashing tangible productivity gains, material cost reductions, and
quantifiable risk mitigation across an enterprise. For more
information, please visit www.dimitelematics.com. You can also follow
the Company on Facebook and Twitter.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995
With the exception of historical information, the
matters discussed in this press release are forward-looking
statements that involve a number of risks and uncertainties. The
actual future results of DiMi Telematics International, Inc. could
differ significantly from those statements. Factors that could cause
actual results to differ materially include risks and uncertainties
such as the inability to finance the Company's operations or
expansion, inability to hire and retain qualified personnel, changes
in the general economic climate, including rising interest rates, and
unanticipated events such as terrorist activities. In some cases, you
can identify forward-looking statements by terminology such as "may,"
"will," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," the negative of
such terms, or other comparable terminology. These statements are
only predictions. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, such statements
should not be regarded as a representation by the Company, or any
other person, that such forward-looking statements will be achieved.
We undertake no duty to update any of the forward-looking statements,
whether as a result of new information, future events or otherwise.
In light of the foregoing, readers are cautioned not to place undue
reliance on such forward-looking statements. For further risk factors
associated with our Company, review our SEC filings.
FOR MORE INFORMATION, PLEASE CONTACT
Dodi Handy or Kathy Addison
Email: Email Contact
SOURCE: DiMi Telematics International, Inc.
[ Back To Financial Technology's Homepage ]