ATLANTA, GA--(Marketwired - Jan 30, 2017) - Findit, Inc. (OTC PINK: FDIT), an innovative social media management company, today announced that its stock swap of 1.3 billion shares of its Common Stock for Series B Convertible Preferred Stock lock up has been extended.
In connection with the stock swap, the holders of the Common Stock being swapped, LinkMyFan, Inc. and WooEB, Inc., originally agreed not to convert their Preferred Stock for a period of 18 months as of December 31st, 2015. These shares would have been available for conversion back to common in June of 2017. LinkMyFan and WooEB, Inc. have extended the lock up for an additional 12 months to June of 2018.
"The extended lock up of the Common Stock benefits our Shareholders," said Raymond Firth, President of Findit. "Our focus right now is developing Findit.com into an extremely useful platform for our members that are looking to manage their content in one place while enabling it to be indexed in search engines and shared across social platforms. The lock up of the preferred shares for an additional 12 months provides our current shareholders the ability to look into the future without concern of dilution from these shares being available to be sold into the market."
Our current structure is the following:
Outstanding Common Stock will remain reduced from the 1,629,170,032 to 329,170,032 shares. Of these 329,170,032 shares outstanding, a minimum of 238,102,079 are restricted under Rule 144. This would limit the amount of shares that can be sold under Rule 144 to a maximum number, based on 1%, of only about 3,300,000 every 90 days. Prior to the conversion it was over 16,000,000 shares per 90 days.
The Company estimates the number of Common shares restricted that have not been freed up by shareholders that hold restricted certificates at approximately 26,984,295, bringing the total number of restricted shares to 260,568,079 leaving approximately 59,327,077 shares of Common Stock in the float.
About Findit®, Inc.
Findit, Inc. owns and operates the websites: www.Findit.com, TransWorldNews, LinkMyFan, WooEB and LinkMyStock. Findit is a Social Media Campaign Management interactive search engine platform that provides Members the ability to post, share and manage their content. Once they have posted in Findit we ensure the content gets indexed in Findit. Findit provides an open platform for anyone to submit URLs that they want to have indexed in Findit along with posting status updates through Right Now. Status Updates posted in Findit can be crawled by outside search engines to assist in additional organic indexing. All post can be shared to another eight prominent social and bookmarking sites. Findit provides Real Estate Agents the ability to create their own Findit Site where they can pull in their listing and others through their IDX account. Findit also offers News and Press Release Distribution. Findit, Inc. is focused on the development of monetized internet based web products that increase brand awareness of both private and public companies along with individuals, entrepreneurs and artists. Our press release distribution services have over 285 publishers to assist our members in building brand awareness.
Safe Harbor Statement: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Findit®, Inc. to differ materially from those implied or expressed by such forward-looking statements. This press release speaks as of the date first set forth above, and Findit®, Inc. assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade.