Looks like Jim turek is going to make every effort to take proper care of existing PLNI stockholders while they reorganize the company under their voluntary Chapter 11. That sure beats the normal treatment of Pink and Penny stock collectors, where the management of less responsible efforts hide under a rock as they calculate a 'strategic consolidation'....
Plasticon International, Inc. Offers Exchange Program to Shareholders -- Last Update: 8:31 AM ET May 18, 2007
LEXINGTON, KY, May 18, 2007 (MARKET WIRE via COMTEX) -- Plasticon International, Inc. (PINKSHEETS: PLNI) announced today that the Company is offering a share exchange program to its shareholders. Plasticon International, Inc. will offer to exchange common shares of stock from shareholders, which they will value at $.001, which is premium to market price, in exchange for convertible preferred stock to be valued at $1.00 a share. This means for every 1000 shares of common stock offered back to the Company, shareholders will receive one share of convertible preferred stock valued at $1.00 for future conversion purposes.
Current shareholders must have their shares into First American Stock Transfer by July 3, 2007 in order to qualify for the exchange of common shares to convertible preferred shares. Shareholders must turn in a minimum of 1,000,000 shares in order to qualify. The convertible preferred stock will be protected from any future stock restructuring by the Company. For the complete terms and conditions of the stock buyback program, please visit the Company's Web site www.plasticonintl.com.
"We are very pleased to be able to offer our shareholders this exchange program. With our share repurchase program announcement today, we are reaffirming our confidence and optimism in the long-term future of the Company. As more information becomes available, it will be provided on our Web site," stated Jim Turek, CEO and President of Plasticon International, Inc.
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