On Thursday August 11,2011, MediSwipe Inc (OTC:MWIP), a spearheading company which offers reliable merchant payment solutions,Internet Point-of-Sale (POS), e-commerce and mobile (wireless) payment solutions and financial products for the medical health care industries, announced their plan of retiring twenty six million common shares of the company to the company’s treasury which will be then transferred to the tranfer agent for the purpose of retirement.This deal will be beneficiary to the company as well as the shareholders as it would decrease the number of outstanding shares and lessen dilution.This retirement which constitutes ten percent of the prevailing outstanding shares is a pre-planned deal and brought to effect by a recent resolution of the board.
B. Michael Friedman, CEO of MediSwipe Inc. exclaimed that the company has no intention of issuing any stock or save for any transaction neither does the board has to effect any merger or acquisition to elevate the value of the company.the only plans that the company is intending to executive are to file their 10 Q on time by the 15th of this month,which is completed now, the completion of S-1 spin-off of our subsidiary, 800 Commerce, by the end of September and once the holdings of the shareholders are effective they would be offered a dividend share each.An updation of the implementation of this process will be provided to the shareholders.
Shares of MWIP slid 14.29% to $0.0060 on over 8.87 million shares, compared to its average volume of 1.42 million shares.
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