Business
Southern ITS International, Inc. Cancels a Majority of Outstanding Shares Pursuant to Court Order
Southern ITS International, Inc. Cancels a Majority of Outstanding Shares Pursuant to Court Order.
About this update from Southern Its International Inc.
[{"type":"text","content":"PALM DESERT, CA / ACCESSWIRE / January 31, 2023 / Southern ITS International, Inc. (OTC PINK:SITS) announced today that, pursuant to a Nevada District Court order issued on January 19, 2023, the Company's transfer agent has canceled an aggregate of 86,225,000 shares of Company common stock effective January 23, 2023. The Court determined that the shares in question had been issued by prior management without adequate consideration and ordered cancellation of the shares. The canceled shares represented more than 50% of the total issued and outstanding shares common stock prior to the cancellation.James E. Shipley, President and CEO of Southern ITS International, Inc. stated, "The Company initiated the litigation to cancel these illegitimate shares in order to benefit the vast majority of our shareholders and we are pleased that the process has now been concluded. With these shares now canceled, the per share value to our shareholders has, in effect, been increased by over 50%. This represents a big win for our Company and our shareholders."About Southern ITS International, Inc.Southern ITS International, Inc., through its subsidiary companies, currently has operations focused on a wide variety of fields, including clothing, oil and gas exploration and development, and e-commerce fulfillment. We intend to expand upon our current base of operational companies and to increase our ownership and/or control of a portfolio of highly successful businesses. As a holding company, Southern ITS International continues to be in the market to acquire a stake in various companies both public and private which will complement its current operations. It will also focus on building a direct sales network of various e-commerce internet applications, manufacturing, and internet sales of various products. We have put in place an experienced management team that is continuing to build a diverse portfolio, buying entire companies, or interests therein, involved in technology, oil and gas, manufacturing, real estate, and other sectors, which will then become operating subsidiaries of Southern ITS International.Precautionary and Forward-Looking StatementThis release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, ...