FORT LAUDERDALE, Fla.--247MGI, Inc. (OTC:TOFS.ob - News) (“247MGI”) has taken a giant leap forward toward closing its pending merger. The Company yesterday posted Annual reports for fiscal years 2007, 2008, 2009 and 2010. The Company also reposted its Quarterly report for the period ending March 31, 2011.
The Company plans on filing the Quarterly report for June 2011 and the Disclosure statement with PinkSheets next week. These filings along with a legal opinion from our counsel will allow the Company to be upgraded to a “PK” listing from its current “Yield” status.
The Company took longer then expected to complete the past years, but wanted to make sure it had done enough work to supply its auditors with enough information to ease the process of completing audits for fiscal years 2009 and 2010. The Merger is not dependant on the audits being complete or started, the Company just wanted to be in a position to begin working on them once the Merger is complete.
The Company over the coming weeks will reduce the Authorized shares of Common stock to 1,600,000,000, at which time Matthew Dwyer the CEO shall convert 1,781,000,000 shares of his Common stock to Preferred stock.
The Company also pledges to its Shareholders NOT to increase the authorized shares of the Corporation once reduced to 1,600,000,000 without majority shareholder consent. The CEO will abstain from voting on this matter so the decision is left up to the individual shareholders.
The Company has no plans for any type of share restructuring for its Common stock.
The Company asks Shareholders to monitor PinkSheets.com for continued developments.
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