SOURCE: Advanced Content Services, Inc.
FORT WAYNE, IN--(Marketwired - Feb 6, 2014) - Advanced Content Services, Inc. (OTC: ADCS) (the "Company") announces the commencement of a plan to work with present debt holders and former Company associates to reduce the Company's outstanding liabilities and retire certain Common Stock owned by formerly affiliated parties.
Mr. Mark Newbauer, Chairman of the Board, was quoted following the execution of the resolutions as saying, "Advanced [the Company] recognizes its long history of an inability to successfully develop revenues to a net profit, essentially accruing debt as an obligatory practice for continued operations however; these long supportive investors now see great enhanced viability in management's capability to execute the model with a strong focus on the development of the bottom line."
The first of these settlements agreements were arrived on Monday, February 3, 2014 without any further cash compensation or issuance of equity from any class rather, as consideration for the Company's viability and best interest moving forward creating a mutually beneficial opportunity to reduce the Company's capital structure.
1) The Board of Directors (the "Board") agreed by unanimous written consent, executed in counterpart to accept the retirement of 200,000,000 Shares of Common Stock presently issued and outstanding.
2) The Board further agreed by unanimous written consent, executed in counterpart to accept the forgiveness of interest in the amount of $100,000 with regards to a Convertible Promissory Note issued October 15, 2009 reducing the Company's debt.
The Company's goal at present is to establish its best foot forward to successfully close on presently negotiated acquisition and contract targets toward long-term growth with a particular focus on an increase in assets and revenues.
Management will be focusing diligently on strengthening overall transparency and material value of the Company alongside its negotiations with third-parties regarding service agreements and potential acquisitions. Details on these objectives are forthcoming.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.