VANCOUVER, British Columbia, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Olie Inc. (OTCQB:OLIE) President, Robert Gardner, is pleased to announce a new Three-Step Plan to drive corporate success:
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Olie Inc. has 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, subject to FINRA approval. The objective is novation of any affiliate or non affiliate debt that may exist in Olie Inc., in exchange for the aforementioned securities.
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Olie Inc. intends to transform to a Business Development Corporation. It will provide corporate advisory services to other Issuers, buy mature and secured debt from non-affiliates in other Issuers, and use its Convertible Preferred Securities as currency to purchase assets and/or profitable business enterprises. By lowering the debt to equity ratio, and following through with this agenda, under the umbrella of the 1940 Business Development Corporation Act, Olie Inc. should be able to immediately enhance its net stock holders' equity.
- Through the positive implementation of the above, with the resulting increase in net stock holders' equity on the financial statements, Olie Inc. intends to apply, within a short time frame, as a NYSE Alternext Listed Company. For example, once there is sufficient equity to justify a $50 million market-cap, the common share price would be restructured to reflect a $4 million net equity requirement.
Robert Gardner states, "The Three-Step Plan is necessary to attract investment and equity into our company. We should restore investor confidence if we commit ourselves, as a professional team, to remove corporate affiliate and non-affiliate debt, and assign similar debt in other Issuers, which also helps to improve their financial profile. The singular objective is to build net stockholders' equity on our balance sheet. The process will be transparent as the milestones are met, and our shareholders and the investment community become increasingly aware through our disclosures and public records."
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.