Business
For The Earth Corporation CEO Nelson Grist, Announces Three-Step Initiative to Enhance Net Stock Holders Equity
For The Earth Corporation CEO Nelson Grist, Announces Three-Step Initiative to Enhance Net Stock Holders Equity.
About this update from For The Earth Corp.
[{"type":"text","content":"For The Earth Corporation CEO, Nelson Grist, Announces Three-Step Initiative to Enhance Net Stock Holders EquityPHOENIX, AZ, November 08, 2013 - (eTeligis via ACCESSWIRE) -- For The Earth Corporation (OTC Pink: FTEGD) CEO Nelson Grist is pleased to announce that the company is implementing a three-step initiative to enhance its net stock holders? Equity.For the Earth Corporation has maintained its public disclosure on OTC Markets by remaining current in its filing obligations. This initiative is intended to enhance the value for stockholders. Corporately, For The Earth has recently amended its Articles of Incorporation and Corporate Bylaws to create a series of Anti-Dilutive, Convertible Preferred Shares to protect its majority stakeholders. These securities will soon become available to the common shareholders, pending FINRA approval. The objective, moving forward, is to insulate the stockholders from past, present, or future dilution in the open market by providing these anti-dilutive securities as a dividend payment. These derivatives are restricted for one year, will turn into a predetermined amount of common stock through issuance resolutions on the part of Management, and convert at the par value of the public company. Pending FINRA approval, more clarity will be available on the record date for this corporate action.The next step in the initiative is for the Company to use these convertible preferred securities as currency to exchange or novate its derivative liabilities that exist on the financial statements in the form of affiliate and non-affiliate debt. The Company anticipates that much of its principal affiliate debt will be retired for these instruments, while the interest will be converted into restricted common stock. The defaulted interest portion of the mature, secured, third-party non-affiliate debt will be assigned and converted into equity by their bond holders to remove any future compounding derivative liabilities on the balance sheet. The last part of the three-step initiative is to become more transparent as an issuer. For the Earth Corporation will pursue a look-back audit of its financial statements through a PCAOB Accounting Firm and will look to file a Form 10 with the SEC to become fully reporting. The Company anticipates a follow-up S1 filing soon ther...