CRESCO, PA--(Marketwired - Mar 28, 2017) - Net Savings Link, Inc. (OTC: NSAV) announced today that the Company has cancelled 3.0 billion shares of its common stock that had been pledged to KBM Worldwide in a settlement negotiated by the Company's previous management. The Company took this action as these shares were part of an agreement between NSAV and its former management and China Food and Beverage Company (OTC: CHIF). The agreement expired on June 30, 2016 and is now null and void. The Company feels that this action is in the best interest of NSAV and its shareholders.
Further, in the Company's 8-K filed on June 14, 2016, it stated that the former president of NSAV sold his preferred shares to the Company's current president, James Tilton, thereby giving Mr. Tilton voting control of NSAV. Mr. Tilton, who owns no shares or options of the Company's common stock, has pledged to transfer these preferred shares of NSAV to China Food and Beverage Company for no consideration. The attorneys for both companies and Mr. Tilton are preparing the paperwork for this transfer and hope to complete it as soon as possible. Mr. Tilton is also the president and one of three directors of China Food and Beverage Company. Mr. Tilton's preferred shares are not convertible to common stock, only voting rights. Therefore, this transfer will not result in a single share of dilution for NSAV shareholders.
The Company also announced that the final decision on how many of the additional 2.5 billion of its authorized shares, which have been placed on hold for possible cancellation, will be announced at the end of this week or early next week. The Company wants to ensure that the amount of authorized shares will enable NSAV to fulfill its business plan and, in time, pay a substantial share dividend to its shareholders.
Further, although the Company's business model is growth by acquisition, the desire of NSAV is not to dilute its shareholders when making acquisitions. The Company's vision is to pay for its acquisitions out of the earnings of the companies it acquires.
Further, the current total issued and outstanding shares of NSAV is 3,149,504,075. This total is as of close of business yesterday.
James Tilton, president of NSAV, stated, "I know it has taken a while, but I am truly pleased that we have cancelled these 3.0 billion KBM Worldwide shares. This agreement was negotiated and signed by the former president of NSAV and although I signed the Binding Change of Control agreement on behalf of China Food and Beverage Company on January 29, 2016, in the end, I could not follow through with the closing, as this clause relating to the KBM shares could have destroyed NSAV and caused great harm to its shareholders. Protecting shareholders has been my personal motto for 22 years and will continue in my role with NSAV."
Mr. Tilton went on to state, "To be clear, there is no company imposed gag order on Pacific Stock Transfer. I have urged them to provide shareholders with full details of the NSAV share structure. Pacific has decided to refer all enquiries back to the Company. Our attorneys informed me that this is the legal right of the transfer agent. I believe that Pacific is taking this action in order to protect themselves after the serious communication problems with the company a few weeks ago. I urge all shareholders to continue to contact the transfer agent and demand up to date share information. This is your legal right."
Mr. Tilton further stated, "I can personally guarantee all NSAV shareholders that there is no dilution of the Company's shares. The rumors on the message boards and social media are totally fabricated and completely untrue. I give all you shareholders my word on that."
NSAV's vision is the establishment of a fully integrated technology company that provides turnkey technological solutions to the medical cannabis industry, as well as other areas of the medical industry. Over time, the Company plans to provide a wide range of services such as software solutions, e-commerce, financial services, patents and trademarks and information technology.
For further information please contact NSAV at 1 (570-595-2432) or email@example.com.
The NSAV Twitter account can be accessed at https://twitter.com/NSAV_MJTechCo
The NSAV Facebook account can be accessed at https://www.facebook.com/Net-Savings-Link-Inc-768628693317257/
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Net Savings Link, Inc. to accomplish its stated plan of business. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Net Savings Link, Inc. or any other person.