SOURCE: Dig-It Underground, Inc.

Dig-it Underground, Inc.

May 31, 2016 08:18 ET

Dig-it Underground, Inc. Provides Details Regarding Improved Balance Sheet

Company Reduces Shares Authorized, Shares Outstanding, and Debt

DALLAS, TX--(Marketwired - May 31, 2016) -  Dig-it Underground Inc. (OTC PINK: DIGX) today announced that the Board of Directors has approved a reduction of its authorized common shares by 100,000,000. Also, the Company accepted for cancellation and return to the treasury 90,000,000 shares of common stock that were held by a former officer, reducing the number of issued and outstanding shares to 1,785,612,000. The Company will file an amendment to its Articles of Incorporation with the Nevada Secretary of State for the reduction of authorized shares within the next 30 days.

Additionally, the Company has significantly reduced its short-term revolving loan balance by $100,000, with the remaining long-term liabilities consisting of two separate installment loans. One loan is a traditional commercial real estate loan and the other is a medical equipment bank loan that has four years remaining.

"We have worked long and hard to make these improvements to our balance sheet, and are proud to be able to provide our shareholders with a breakdown of how we were able to make these reductions," said Leonid Chernyakhovsky, President of Dig-it Underground, Inc. "Neither our short-term nor long-term liabilities are secured nor collateralized by securities, which allows us to continue building our brand through strategic growth without any toxic financing to hold us back." 

Forward-Looking Statements: Statements in this document contain certain forward-looking Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Dig-it Underground, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Dig-it Underground, Inc. assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors. There may be other factors not mentioned above that may cause actual results to differ materially from those projected in any forward-looking statement. We assume no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by applicable securities laws.

Contact Information

  • Dig-it Underground, Inc.
    (972) 232-9489