MANASSAS, VA, July 20, 2011 /PRNewswire/ - Due to the
uncertainty surrounding ownership of EIGH.pk stock by the
shareholders as highlighted by Brokers, and as voted for by the
shareholders through the June 6,
update, the board of 8000 Inc. ("EIGH") has approved the plan for
the shareholders' individual conversion of common shares held to
voting preferred shares which already has a CUSIP number. This is a
voluntary, not mandatory (or corporate), action and it is for
voting preferred stock. The Company expects to file promptly a new
Form 211 to support creation of a trading market in the preferred
stock of the Company.
Please note, according to Nevada law, owners of one type of stock may
want, at some point, to convert their stock to a different type of
stock in the same corporation, rather than sell the stock outright.
Since current EIGH shareholders have voted for the conversion, he
or she may convert the preferred stock for the common stock. The
conversion right is also covered under section IV of EIGH's
Articles and under Nevada law, NRS
92A.20.
EIGH has been advised by FINRA that this is a voluntary action,
and can proceed without the necessity of FINRA approval nor any
filing by EIGH. Shareholders have spoken to several broker-dealers
who have confirmed that the process is straight forward and as
outlined, additionally, EIGH spoke to DTCC to confirm the Company's
shares are handled through their custody services. The benefit of
this, as per the published service provisions, is that DTCC can
upon request provide the physical certificate within one day, and
thus there should be no delays in the process.
Finally, under SEC and Exchange Act Rule 15c3-3,l(i) one of its
customer protection rules, the following applies and thus we expect
the broker-dealers will comply immediately with individual
shareholder requests: "…Delivery of
securities. Nothing stated in this section shall
be construed as affecting the absolute right of a customer of a
broker or dealer to receive in the course of normal business
operations following demand made on the broker or dealer, the
physical delivery of certificates for: 1. Fully-paid
securities to which he is entitled.."
Therefore, on Friday, July 22,
EIGH will instruct broker-dealers holding EIGH shares available the
physical delivery of the Company's stock held in their "street
name" so that the shareholder's individual conversion can take
place. Those shareholders who wish to vote for the voluntary
conversion and be added to the list of shareholders may do so up to
5pm Thursday July, 21 by contacting
the Company as below. The common shares will be cancelled. The
Company will contact the Brokerages on Friday to make the give
instructions. For more information please refer to the Company's
Facebook page or request information from
enquiries@8000inc.net.
Jonathan Bryant, CEO, states,
"Our new Board believes that if enough individuals choose to
convert, the integrity of the share structure will return, thereby
allowing the shareholders to realize the potential of our
business. Difficulties notwithstanding, the viability of our
business plan have never cast a doubt in my mind that this company
would thrive once necessary funding was obtained. I am
convinced such individual conversions will aide in that
objective."
If there are any questions, please direct them to
the enquiries@8000inc.net.
www.8000inc.net
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This news release contains forward-looking
statements that are subject to certain risks and uncertainties that
may cause actual results to differ materially from those projected
on the basis of such forward-looking statements. The words
"estimate," "project," "intends," "expects," "believes," and
similar expressions are intended to identify forward-looking
statements. Such forward-looking statements are made based on
management's beliefs, as well as assumptions made by, and
information currently available to, management pursuant to the
"safe-harbour" provisions of the Private Securities Litigation
Reform Act of 1995. For a more complete description of these and
other risk factors that may affect the future performance of 8000
Inc., see published disclosure documents at www.OTCMarkets.com
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date made
and the Company undertakes no obligation to disclose any revision
to these forward-looking statements to reflect events or
circumstances after the date made or to reflect the occurrence of
unanticipated events.
SOURCE 8000inc.
