Business
NSAV Majority Shareholder Retires 500 Million Shares
NSAV Majority Shareholder Retires 500 Million Shares.
About this update from Net Savings Link, Inc.
[{"type":"text","content":"\n London, England, May 19, 2022 (GLOBE NEWSWIRE) -- Net Savings Link, Inc. (OTC Pink: NSAV), a cryptocurrency, blockchain and digital asset technology company, today announced that its co-majority shareholder, TG Private Equity Inc. (TG), has retired 500 million shares of Series B Preferred Stock that it owned, which is the equivalent of 500 million shares of common stock. The market value of these shares based on yesterday’s closing price is $4,750,000 (USD). The share cancellation was completed by the company’s transfer agent, Pacific Stock Transfer. NSAV and TG enacted this major share retirement in order to have additional shares available for acquisitions, which management believes will enhance shareholder value and keep dilution to a minimum. NSAV has not issued a single share of common stock in 2022. NSAV’s strategy is to use its Series B Preferred Stock to make acquisitions and pay salaries. The Series B Preferred Stock is restricted and cannot be sold into the public market or affect the public float for a minimum of two (2) years and therefore, will not dilute the public float or negatively affect the share price during that period. NSAV did recently increase the authorized shares (A/S) for its common stock but has not issued a single share. This move was taken in the rare event that a particular party in an acquisition or deal required common stock as opposed to Series B Preferred Stock. No such scenario has occurred at this time. If any shares of common stock are issued, they would be restricted and cannot be sold into the public market or affect the public float for a minimum of two (2) years and therefore, will not dilute the public float or negatively affect the share price during that period. Since NSAV changed its business direction and new management took over in early 2021, no officer, director, employee, partner or any other person or entity, has converted its Series B Preferred Stock to Common Stock and therefore did not and could not sell a single share to the public market. This can be evidenced in NSAV’s OTC Markets filings and viewed daily on OTC Markets website. The Management of NSAV released the following statement, “We would like to sincerely thank our co-majority shareholder, TG Private Equity Inc., for retiring millions of dollars’ worth of NSAV shares. This mov...