Fredericksburg, VA, Sept. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BitFrontier Capital Holdings, Inc. (OTC PINK: BFCH) is pleased to announce it has filed a Petition for Declaratory Judgment and Injunctive Relief in the district court of Laramie, Wyoming; Docket No. 190-380.
The complaint seeks to cancel 12,260,000,000 (12.26 Billion) shares of Common Stock, 2 shares of Series A Preferred Stock, and 14,000,000 (14 Million) shares of Preferred B Stock, making up almost 99% of BitFrontier's issued and outstanding shares of Common Stock, and 100% of the issued and outstanding Series A Preferred Stock and Series B Preferred Stock classes.
These shares were issued by former management to five individuals/corporations and were valued at $260,002,572,404,000 (260 Trillion Dollars) collectively when issued, which they provided no consideration and acquired immediately before abandoning the company.
All of the shares named in the Complaint have had an Administrative Stop Order placed on them through our transfer agent as the case progresses through the courts so that they may not be sold or transferred. In addition, we have asked the courts for both a temporary and permanent injunctive relief, freezing and preventing any market or transfer of the shares discussed above during the pendency of this action and thereafter preventing any marketing or transfer of the shares after they are cancelled. With these stop orders in place, our current tradeable float held at the DTC is 150,066,853 (150 Million) shares of Common Stock.
As seen on page 9 of the court complaint, if successful, the new outstanding share count of the Company will be 151,278,844 (151 Million) shares of Common Stock. A copy of the court complaint has been uploaded to OTC Markets.
In other news, the Company is pleased to announce it has received approval from The Depository Trust Company (“DTC”) of New York, NY to become DTC electronic (DWAC/FAST) eligible.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at https://www.otcmarkets.com/
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.