SILVER SPRING, Md., March 12, 2015 (GLOBE NEWSWIRE) -- IJJ Corporation (OTC:IJJP.PK) today announces that its Board of Directors has completed a reduction in authorized common shares by Five-hundred Million (500,000,000).
President and CEO, Clifford Pope, states, "In keeping with our commitment to our loyal shareholders, IJJ Corporation has reduced its authorized shares by Five-hundred Million (500,000,000), effective Wednesday, March 11, 2015. This action reduces our authorized shares from Three Billion (3,000,000,000) to Two Billion Five-hundred Million (2,500,000,000) shares."
IJJ Corp has recently announced an agreement for the redemption of 395,838,451 free trading shares to be retired to the treasury. These reductions will contribute toward bringing substantial value to the company, far exceeding the current shares that are issued. The new share structure reductions will be updated on OTC Markets after the Nevada Secretary of State and the Transfer Agent complete their appropriate Administrative processes. After these changes have been executed, the complete share structure will be as indicated:
Authorized Shares will be - 2,500,000,000 shares
Outstanding Shares will be - 1,819,307,525 shares
Restricted Shares will be - 395,838,451 shares
Float Shares will be: - 1,423,469,074 shares
IJJ Corp had previously announced its original court-ordered amount of stock for the Medical Marijuana expansion projects was not to exceed 2,094,857,143 shares of common stock. That number was itself reduced to not exceed 1,020,867,796 shares. The final action taken reduces the number of shares to 625,029,345 that will be used to support the marijuana expansion projects.
Currently only 138,383,928 of the 625,029,345 IJJ Corp shares have been issued and placed into the market. No more than 30% of shares per Property Interest Exchange (PIE) Recipient are allowed to be placed into the market at any given time to support the marijuana expansion product. The company is preparing to update shareholders on the distribution of funds going toward the marijuana expansion program.
"IJJ Corp's targeted capitalization program aims to expand our company's partnership business directive without doing a reverse split while IJJ Corp remains debt free. We realize that trying to raise capital using the 504 exemption, convertible debentures, or any toxic dilutive forms of financing are unacceptable methods for generating working capital for the company," states Clifford Pope, President, and CEO of IJJ Corporation.
IJJ Corp's transfer agent is Transfer Online. It is the Transfer Online policy to not release share structure information to shareholders requesting such an update. IJJ Corp will keep regular share structure updates on its www.cannabisheadliners.com website and on its OTC Markets Profile.
About IJJ Corporation:
IJJ Corp is a full service business and management-consulting group promoting the union of companies to achieve their goals. Our mission is focused on both Public and Private Business professionals to increase resources designed to help organizations succeed through partnerships and growth objectives.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Investors are cautioned that due to the Company's acquisition of the right to receive income from marijuana farming operations, an investment in this Company is extraordinarily risky, involving a multiplicity of extreme risks, that in some respects exceed that of any legal investment in the history of investing, particularly given the conflict of laws and the potential consequences of that conflict, including very substantial legal risk of federal prosecution, penalty and imprisonment, as marijuana is still classified federally as a Schedule 1 narcotic.
CONTACT: firstname.lastname@example.orgSource:IJJ Corporation