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Voip-Pal.com Board of Directors Unanimously Passes Resolution to Freeze the Transfer of Approximately 100 Million Restricted Shares Issued to Locksmith Financial Corporation Pending the Outcome of an InvestigationBELLEVUE, Wash. --(Business Wire)-- Voip-Pal.com Inc. ("Voip-Pal", "Company") (OTC Pink: VPLM) announced today that the Board of Directors has unanimously passed a resolution to freeze any transfer of approximately 100,000,000 shares issued in 2013 to Locksmith Financial Corporation ("Locksmith"), pending the outcome of a recently conducted regulatory investigation. The current holders of these stocks include Locksmith, Talisman Financial Inc., VHB International Ltd., and Cactus Ventures, Inc. Earlier this year, while an independent accounting firm was conducting an internal audit, the Company discovered that the shares in question, which had been issued for the settlement of debt, lacked proper documentation and sufficient proof of debt. After several unsuccessful attempts to secure the documentation from Locksmith, the Company referred the case to the proper regulatory agencies.
In the event the investigation proves the shares in question were issued improperly, Voip-Pal will take immediate action to cancel and return them to the Company treasury resulting in a significant reduction of the total outstanding shares. Consequently, the newly reduced outstanding shares total will automatically trigger an additional reduction of approximately 41,000,000 more shares currently held by CEO, Emil Malak. This will lower the total issued shares by approximately 140,000,000 resulting in a significant increase in shareholder value. About Voip-Pal.com Inc. Voip-Pal.Com, Inc. ("Voip-Pal") is a publicly traded corporation (OTC Pink: VPLM) headquartered in Bellevue, Washington. The Company owns a portfolio of patents relating to Voice-over-Internet Protocol ("VoIP") technology that it is currently looking to monetize.
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