CALGARY, AB--(Marketwired - Dec 22, 2016) - Clean Power Concepts Inc. (OTC PINK: CPOW ) is pleased to announce that it will be filing a Corporate Action with FINRA, before Jan 31 2017 to issue a restricted stock dividend to its shareholders in street name. Shareholders will be delivered physical certificates of Convertible Preferred Stock to their addresses of record, or Broker/Dealer bearing a restrictive legend that will have a holding period of one year. Details of the record date and dividend will become available to the shareholders once FINRA has approved the Filing.
Michael Shenher, President of Clean Power Concepts Inc., states, "There has been significant dilution over the years in Clean Power Concepts Inc. and the reason for that has been the issue of non affiliated debt in the company, which has gone unsettled. We have negotiated settlements for many of our debt holders now, as is our contractual responsibility, but we also want to protect the integrity of people's investments in the open market."
Part of changing the business culture of Clean Power Concepts Inc. is acknowledging the fact that the market has not performed to the satisfaction of the company's stockholders. Issuing restricted convertible preferred securities to those who own stock in the open market makes sense, because the dilution has impacted them the most. The rights and privileges of the restricted convertible preferred securities have already been noted in the company's amended articles of incorporation. The Record Date & Payment Date will be known to stockholders once FINRA approves the Filing. Naturally this is also one of the prerequisites for moving the company in the right direction and protecting the stockholders from the dilution they have suffered. The conversions, subject to FINRA approval, are set at .00001 par value, so these securities are not price sensitive, and they are also anti dilutive, meaning that stockholders are not impacted by future reverse splits that new management may contemplate doing in the future.
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.