Re: 7/23/01 - [IFTP/IFTA] OTCBB Newswire: Infotopia Resumes Dilution
Infotopia Resumes Dilution
Houston, TX -- (OTCBB NEWSWIRE) -- July 23, 2001, Only one month after completing a 1:200 reverse split, which reduced outstanding shares to 4 million, Infotopia Inc. (IFTA: 1.98) has already doubled the outstanding to over 11 million. Furthermore, according to a SB-2 filed today, another 4 million are being registered for sale. That would equate to over 15 million shares outstanding, nearly a 400% increase in less than a month.
Additionally, the dilution could continue. Many companies that complete reverse splits simultaneously reduce the authorized, but IFTA did not. IFTA still has 500 million shares to use for their discretion.
In other news, Infotopia announced today it has entered into a Letter of Intent ("LOI") with Infomercial Management Corporation ("IMC"), Modern Interactive Technology, Inc. ("MIT") and their principals, providing Infotopia with, among other things, an exclusive option (the "Option") to acquire one hundred percent (100%) of the issued and outstanding shares of common stock of IMC and MIT. Should Infotopia exercise the Option and should all conditions to closing of the transaction be satisfied, IMC and MIT will become wholly-owned subsidiaries of Infotopia.
At 12:46 EST, IFTA is down .17 (8%). Volume is 253,200.
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