Business
Guard Dog Provides Corporate Update
Guard Dog Provides Corporate Update.
About this update from Forwardly Inc.
[{"type":"text","content":"\nBOULDER CITY, Nev., Aug. 09, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- The Board of Directors of Guard Dog, Inc. (PINKSHEETS: GRDO), provides this update to shareholders and other members of the public.\n Recapping previous developments, Guard Dog has entered into a Letter of Intent with Starsona, Inc., whereby the company will make a multimillion dollar investment to acquire a significant share of Starsona.  A definitive agreement is expected to be executed by August 23, 2019. The company has retained Washington, D.C. law firm, Culhane Meadows, PLLC, to be its new securities counsel, and it has already commenced the process of changing the corporate name to Forwardly, Inc. and obtain a new symbol and CUSIP number. Counsel will soon begin the application process with the SEC seeking approval for funding under Regulation A+.  The funding is necessary to complete the investment in Starsona as well as for the operations of Guard Dog.  Until now, the cost of running Guard Dog has been covered by a select few shareholders.   Securities counsel is also preparing the necessary documents to apply to FINRA and the Nevada Secretary of State to change the corporate name of GRDO to Forwardly, Inc. As previously announced, the company has been able to repatriate 230 million shares of stock that it believes were improperly issued.  Unfortunately, there appears to be several hundred million more shares that are issued, but not trading, as they have been undeposited.  These shares may have been improperly issued as well, but since many of the registrants of these shares cannot be located, the company is unable to determine the circumstances under which they were issued.  Guard Dog management believes that these “dormant” shares may represent as much as 35% of the total number of shares issued and outstanding.  Rather than engage in expensive litigation to recoup these shares, it has been determined that we are better off reducing these holdings to the point where the number of these shares are inconsequential. Guard Dog’s Board of Directors has decided to proceed with a “gentle” reverse split, where shareholders would receive one new share for eight old ones, thereby avoiding a wipe out of the current retail shareholders’ holdings.  In addition to resolving muc...