News for 'PHGI' - (Perihelion Global Receives Confirmation From Delaware Secretary of State Reducing Authorized Shares 98%)
WILMINGTON, DE and SANTA ROSA BEACH, FL, Jul 24, 2007 (MARKET WIRE via COMTEX)
-- Perihelion Global (PINKSHEETS: PHGI), a development company with interests in
natural resources, alternative energies, and advanced communications, today
announced confirmation from the Delaware Secretary of State that the company's
lawful and documented authorized shares have been reduced by 98% to 500,000,000
per the company's board resolution adopted earlier this year.
Previously, the company had inherited an Authorized Share structure of
30,200,000,000 as a result of the merger with Vision Works Media Group last
year. The company believes the now completed 98% reduction in its Authorized
Shares will further enhance shareholder value, and eliminate any market concerns
about potential mass dilution of the company's stock. Also, since this action
affected shares that had not been issued, the 98% reduction of the Authorized
Shares of the company in no way reduces the shares held by current shareholders.
In consideration of the current climate of the company's share price, and with a
view towards the revenue producing acquisitions the company is contemplating in
the near term, the company believes it would not be in the best interest of
shareholders to further reduce the authorized share count below the 500,000,000
currently registered with the Delaware Secretary of State. To that effect, the
company will organize its Board of Directors to negate the previously announced
resolution for an additional 250,000,000 reduction.
"We are pleased to have formally completed the 98% reduction of our Authorized
Shares," stated John H. Beebe, Chairman, Chief Executive Officer and President
of Perihelion Global. "We realize that previous share structure that we
inherited as a result of the merger was causing some undue concern and
speculation among some shareholders and in the public markets. This action
should clearly alleviate those concerns."
Perihelion is currently in various stages of progression with several potential
acquisition targets, including the completion of Due Diligence under the formal
Letter of Intent for the OTCBB listed company. Pending outcome or completion of
several ongoing discussions, the company's intention is to provide shareholders
accurate share information as a result of any acquisitions completed.
The company will further clarify and disclose that in an effort to continue
building a solid asset base and a determination to acquire existing
revenue-producing businesses or properties, Perihelion will continue to issue
restricted stock and other compensatory means as necessary to complete
acquisitions that enhance shareholder value and provide adequate compensation
for officers and directors.
The company expects to release a formal update on the status of these
acquisitions in the near future.
About Perihelion Global:
Perihelion Global focuses on the acquisition, development and management of
technologies, strategic commodity reserves and assets in the energy, natural
resource and communications markets. Perihelion's management team specializes in
providing solutions for the strategic challenges of the 21st Century. We lead
with decades of experience in environments that are mission critical in today's
global marketplace: Technology, Energy and Communications.
Website: perihelionglobal.com
Caution Regarding Forward-Looking Statements
This press release contains historical information as well as forward-looking
statements that are based upon our estimates and anticipation of future events
that are subject to certain risks and uncertainties that could cause actual
results to vary materially from the expected results described in the
forward-looking statements. The words "anticipate," "believe," "estimate,"
"expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project,"
"should," "will," and similar expressions are intended to identify these
forward-looking statements. There are numerous important factors that could
cause our actual results to differ materially from those in the forward-looking
statements. Thus, sentences and phrases that we use to convey our view of future
events and trends are expressly designated as Forward-Looking Statements as are
sections of this news release clearly identified as giving our outlook on future
business.
These forward-looking statements are subject to significant risks, assumptions
and uncertainties, including, among other things, the following important
factors that could affect the actual outcome of future events:
-- General economic conditions, either nationally or in our market area, that
are worse than expected;
-- regulatory and legislative actions or decisions that adversely affect our
business plans or operations;
-- price competition;
-- inflation and changes in the securities markets that adversely affect the
fair value of our operations; and
-- changes in our organization, compensation and benefit plans.
We wish to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made, and wish to
advise readers that the factors listed above could affect our financial
performance and could cause actual results for future periods to differ
materially from any opinions or statements expressed with respect to future
periods in any current statements. We do not undertake and specifically decline
any obligation to publicly release the result of any revisions that may be made
to any forward-looking statements to reflect events or circumstances after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events.
Contacts:
John H. Beebe
Chairman, Chief Executive Officer & President
Perihelion Global
866-748-7610 (Toll Free) x 719
john@perihelion.com
SOURCE: Perihelion Global
CONTACT: mailto:john@perihelion.com
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