Business
Good Vibrations Shoes Files Amendments To Change Its Name And Drastically Reduce Its Authorized Shares
Good Vibrations Shoes Files Amendments To Change Its Name And Drastically Reduce Its Authorized Shares.
About this update from Good Vibrations Shoes Inc.
[{"type":"text","content":"\n\n\n\nGood Vibrations Shoes Files Amendments To Change Its Name And Drastically Reduce Its Authorized Shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGood Vibrations Shoes Files Amendments To Change Its Name And Drastically Reduce Its Authorized Shares\nPR Newswire\nNEW YORK, Aug. 3, 2015\n\n\n\nNEW YORK, Aug. 3, 2015 /PRNewswire/ -- Good Vibrations Shoes, Inc. (OTCPink: GVSI) today announced that the company has filed amendments with the Nevada Secretary of State to change the official company name to Vindai Corporation, and to drastically reduce the number of authorized shares from one billion to two hundred and fifty million shares, putting a ceiling on how many shares can be issued, while leaving a little room for any acquisitions or public offerings that may be beneficial in the future.\n\nThe name change was filed right away as promised, and is an important step in moving government contracts and corporate deals under the Good Vibrations umbrella. As Vindai Corporation, the former Good Vibrations can now apply for vendor IDs from states like New York and California in which the company will do business and there will be no confusion. That process is expected to begin immediately upon the State of Nevada's recording of the amendments, expected to take about a week.\n\nThe reduction of authorized shares was also necessary. As a public company with a very small number of shares currently outstanding, Vindai management felt that there was no need for so many authorized shares since it foresees no need for any substantial issuances in the near future. However, the company left a small buffer of authorized shares in case presented with an acquisition or opportunity it just couldn't refuse. Since Vindai Corporation has no need for substantial funding for operations, management feels it would only need those shares if it were to buy another company, or developed a need for a public offering down the road. For the short term the focus will be on getting the registrations as approved government vendors needed to do business with state and federal governments in plac...