Settling with the legal matters and cutting down the liabilities, 247MGI INC (PINK:TOFS), has moved to OTC Pink Current Information tier. 247MGI has been trying to resume trading on the OTCBB since September 27 when a Form 211 Exemption was filed. According to the agreement that the Company has entered with the former Director of the Company, Mr. Peskin, the CEO has to pay Mr. Peskin a sum of $110,000. This amount needs to be paid in four installments by October 26th.
The first installment has been made. A Satisfaction of Judgment shall be filed with the Clerk of the Courts in Broward County, FL, after all the four installments are cleared. The balance sheet reflects a total reduction of over $200,000 in liabilities. As mentioned earlier, the Company would trim down its Authorized shares upon the successful uplist to “PK” status.
That is has happened, the transfer of the Certificate shall be done. Upon the return of the certificates, the Company will file an Amendment with the State of Florida to reduce the number of Authorized shares from 3.5 billion to 1.6 billion. However, the returning of the Certificates shall take 72 hours. After the completion of the procedure of the Amendment, which shall take nearly 48 hours, the completion of the merger will follow. The Company asks Shareholders to monitor PinkSheets.com for continued developments.
Shares of TOFS ended lower by 7.50% to $0.0012 on hefty volume of 91 million shares.
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