LFWK Clarifies Information on Previous Press Release
NASHVILLE, TN, Mar 10, 2006 (MARKET WIRE via COMTEX) -- LoftWerks, Inc. (OTC: LFWK) today announced information to clarify yesterday's press release; particularly information regarding shareholder distributions that were enumerated on the second half of the previous announcement. That portion of the announcement should read as follows:
Also, LFWK disclosed its share distribution; a request by Consultech aimed at providing shareholders as complete a disclosure as possible prior to finalizing the LFWK vehicle takeover. The shareholder ownership as described is as follows:
-- 500,000,000 authorized
-- 100,000,000 control block held by Ammerman
-- 200,000,000 in Treasury earmarked for Consultech ownership during and after takeover
-- 50,000,000 in certificate form, owned by enumerated insiders and NOT TRADING.
-- An additional 78,000,000 owned in various certificate and electronic form that is also held by LFWK insiders and accounted for as not currentlytrading.
-- Leaving approximately 72,000,000 free-trading shares in the public float (50M of which can be accounted for by LFWK management as issued to non-insiders).
Additional Information: 60 Million of the free trading float can be accounted for by LFWK management as issued to non-insiders. Insiders held more than 22 Million shares of the free trading float, leaving the public float as a negative number to date.
A spokesperson for Consultech Construction Management concurred with this tabulation and stated that it was an accurate and reasonable reflection of LFWK current share structure.
SOURCE: LoftWerks, Inc.
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