NEW YORK, NY--(Marketwired - November 28, 2016) - SoOum Corp (OTC PINK: SOUM) provides a "Memorandum" notice to its shareholders regarding questions concerning recent stock issuances and equity structure of the Company.
On 10/12/2016, SoOum Corp publicly announced the closing of its strategic acquisition of Western Grade LLC. Common stock has been issued to complete this transaction, resulting in immediate revenues for the combined group.
This newly issued stock represents a 42% ownership interest issued to Western Grades founding family members and directors.
SoOum's canceled and retired a portion of its Preferred stock, and another portion was converted to common stock to create a lean and straightforward share structure with no preferred shares outstanding.
Key aspects of SoOum Shares structure are as follows:
- Outstanding Shares: 1 Billion shares -- 886,600,000 shares are intended, and will remain for voting and managerial purposes only.
- Public Float: currently 79,789,769 shares -- the "Float" is intended to remain as low as possible.
The Company's goal is to avoid dilution of its stock and to work for growth, and improvement in market share for the benefit of the shareholders.
Keeping its equity structure intact will help SoOum focus on creating the proper climate to meet up-listing requirements, as improving liquidity will further enhance shareholder value.
About SoOum Corp
SoOum Corp is a publicly held (OTC PINK: SOUM) Physical Commodities Trading firm. Specializing in arbitrage based transactions of Physical Commodities, as well as offering an e-commerce Trading Platform. www.sooum.com/investor-relations
About Western Grade
Founded in 2001 Western Grade LLC is a well-respected general contractor capable of domestic, as well as commercial and industrial projects. With unsurpassed expertise, and state of the art technical capabilities, Western's commitment to success and outstanding customer service were, and remain a leading catalyst for the company's growth. Western Grade is a wholly owned subsidiary of SoOum Corp.
For inquiries, contact SoOum at www.sooum.com/investor-relations or Rich Kaiser, YES INTERNATIONAL, 757-306-6090 and firstname.lastname@example.org
Cautionary Note Regarding Forward-Looking Statement
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve some risks and uncertainties. The Company cautions that various factors, including the factors described under the caption forward-looking statements in the Company's annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and volatility in the commodities market, and the general economy; competitive factors including compressed gross profit margins; shifts in market demand; product availability; reliance on key customers; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement
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