SOURCE: Triton Distribution Systems, Inc.

Triton Distribution Systems, Inc.

October 01, 2010 08:00 ET

Triton Announces Today a Corporate Action to Buyback 99 Percent of the Issued and Outstanding Shares of the Corporation

TIBURON, CA--(Marketwire - October 1, 2010) -  Triton (PINKSHEETS: TTDZ) announced today that it was determined and agreed by the Board of Directors and the Controlling Shareholders to issue a resolution allowing the Corporation to buyback 99 percent of the issued and outstanding shares of the Company effective October 1, 2010 under the following conditions:

The Company shall buyback 99 percent of the issued and outstanding shares of the Company by the Company in exchange for a convertible debenture paying each shareholder $0.0001 per share, and having a maturity date of 5 years with 10% interest per share annually.

This Buyback is a mandatory corporate action requiring that all outstanding shares be exchanged, wherein, for each 101 shares held, those shares will be surrendered to the company's transfer agent in exchange for 1 new common share and a note. All shares must be surrendered to the transfer agent by October 30, 2010.

There will be no fractional shares, so that every shareholder will be rounded up to a minimum of a note and 1 whole share and any fractional shares will be rounded up to 1 whole share. Additionally any shareholder with less than 100 shares will either be rounded up to 1 whole share and a note or be bought out.

"This Corporate Action is a very positive step for the Company and is better than a reverse split, which is the alternative, and which is negative. Furthermore this move is the same like a reverse split except that all the shareholders receive a Convertible Debenture to compensate for the reduction in shares, and that the Company anticipates that the increased number of issued and outstanding Convertible Debentures will have no material adverse effect on the shareholders," said Gregory Lykiardopoulos, Chairman and CEO of Triton Distribution Systems, Inc.

About Triton Distribution Systems: Triton Distribution Systems is a pioneer in low-cost, business-to-business, Internet-based travel distribution and procurement solutions. Triton provides the electronic distribution of travel inventory from airlines, car rental companies, hotels, tour and cruise operators, and other travel vendors to travel agencies and their clients on a global basis. Triton's proprietary products and services fill crucial needs in the travel industry, and offer product, pricing, and marketing advantages. Triton has developed a broad-based suite of products, including ReservationExpert™, TritonTwist™ and Red Dragon Express™ -- the world's first distribution gateway to the Chinese market.

FORWARD-LOOKING STATEMENTS This news release includes forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.

Contact Information

  • Contact:
    Triton Distribution Systems, Inc.
    Gregory Lykiardopoulos
    CEO
    415-381-4806