RAHWAY, N.J., July 23, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Spectacular Solar, Inc. (OTCPK: SPSO), is pleased to announce that the following share structure changes have been approved by the Nevada Secretary of State.
Spectacular Solar has reduced the total Authorized Common Shares from 850,000,000 shares to 750,000,000 and a Series B Preferred class was designated and established with Authorized Shares set at 100,000,000. The preferred shares will carry a 1:1 ratio with common shares but each Series B Preferred Share will have three (3) times the voting power of a common share.
A resolution was passed to issue Spectacular Solar CEO Doug Heck 100,000,000 Preferred Shares upon his surrendering 100,000,000 of the 302,185,737 common shares which he currently holds. It was also resolved to retire these 100,000,000 shares which will subsequently reduce the O/S (Outstanding Shares) Count by about 15% which will result in a new O/S of 575,533,904.
Additionally, the Company believes that there may be some tangential benefits resulting from this share structure change, including:
- that its amended capital structure will be more attractive to potential institutional investors, with respect to both open market support and private placement capital;
- that it will likely be helpful in achieving its desired up-listing
- that its amended capital structure will be far more attractive to a potential merger/acquisition candidate should the Company decide to utilize its equity as part of any such transaction
“Obviously, our main goal is to increase shareholder value by building the company through increasing sales and other operationally related efforts,” Heck said. “But we saw the opportunity to make these changes in the share structure that, in addition to strengthening the general health of the company, also benefits the shareholder.”
For more information: please visit http://www.spectacularsolar.com and please follow us on Twitter: @SPECTACULARSOL1
Media Contact: Gregg Boehmer: laynemichaelpr@gmail.com
Investor Contact: Elric Martinez: (917) 535-6550
Wyndham Hotel Project Video: https://youtu.be/BPLKjgdFaOw
About Spectacular Solar, Inc.: Spectacular Solar is a diversified company involved in solar system installations, investment fund management, and roofing contracting through its subsidiaries. DC Solar Integrators designs and installs state-of-the-art solar conversions for home and business owners. Star Power Services is a bonded and licensed roofing contracting company with expertise in new roof installation, repairs, and maintenance. The Solar Energy Investors Fund contributes to the ongoing insurance expenses directly associated with installation of solar systems. In return, the fund receives a share of tax benefits and ongoing revenue generated from electricity sales.
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The company doesn’t undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results, expressed or implied, in this or other company statements will not be realized. Readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.