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County Line Energy Strengthens Share Structure with Reduction in Outstanding Number of Common Shares and Announces Name Change to D5 Partners Inc.
County Line Energy Strengthens Share Structure with Reduction in Outstanding Number of Common Shares and Announces Name Change to D5 Partners Inc..
About this update from County Line Energy Corp.
[{"type":"text","content":"\nIrvine, California, Aug. 28, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- County Line Energy Corp. (“County Line” or the “Company”) (OTC: CYLC) today announced it has completed Share Exchange Agreements with the Company’s two largest shareholders, CEO and director, Eric Dena, and CYLC director, Vince Andreula (the “Agreements”).  As a result of the Agreements, the number of shares of Common Stock issued and outstanding has been reduced by 49%.    \n Under terms of the Share Exchange Agreement with Mr. Dena, he has agreed to surrender 30,000,000 shares of Common Stock in exchange for 300,000 shares of Series B Preferred Stock.  Under terms of the Share Exchange Agreement with Mr. Andreula, he has agreed to surrender 15,000,000 shares of Common Stock in exchange for 100,000 shares of Series A Preferred Stock and surrender an additional 10,000,0000 shares of Common Stock in exchange for 100,000 shares of Series B Preferred Stock.  As the sole shareholder of Series A Preferred Stock, Vince Andreula is entitled to an non-dilutable 80% voting control of the Company.  Shares of Series A Preferred Stock are not convertible into Common Stock of the Company.  Each share of Series B Preferred Stock is convertible into 100 shares of Common Stock of the Company and entitled to 100 votes.  Following the completion of the Agreements, there are 57,923,237 shares of CYLC Common Stock, 100,000 shares of Series A Preferred Stock, and 400,000 shares of Series B Preferred Stock issued and outstanding. Eric Dena, County Line CEO, commented, “Dramatically reducing the number of CYLC common shares outstanding by almost 50% and strengthening our corporate share structure with a powerful voting control non-convertible preferred class will immediately increase common shareholder value and should better position the Company to take advantage of any potential opportunities, acquisitions, or partnerships that could further accelerate our growth strategy.” The Company is also pleased to announce it has changed its name to D5 Partners, Inc. to better reflect the business and branding of its recently formed operating subsidiary of the same name.  The Company has filled the required Certificate of Amendment with the Nevada Secretary of State to facilitate th...