Fort Lauderdale, Florida, Dec. 16, 2015 (GLOBE NEWSWIRE) -- Today, NuState Energy Holdings, Inc. (NSEH –OTC US) announced that a quorum was achieved in a meeting held on October 28, 2015 where a vote was held that would change the Rights and Privileges of the Preferred Shares and restrict the conversion rights over a period of the next six years. A majority was achieved and the votes were overwhelmingly in favor of the proxy. NuState CEO, Kathy Roberton, stated, “We were asking our long-term investors to believe in the future of the company and they did just that. This goes to show that these investors support our efforts to limit the dilution of the Common shareholders over the next few years and that they have faith in the direction that the company is going.”
NSEH Preferred Shareholders agreed to consolidate into Series A and to adjust their conversion rate.
This resulted in the following: Original conversion rights had no restrictions with over 66,012,200 free trading Common shares in 2016. The New conversion rights have conversion restrictions and have reduce the amount of free trading Common shares to 12,787,520. These shares will be restricted until 1/10/2018, thereafter only 1% per months for 48 months can be converted by any one shareholder.
Noteholders have also embraced the Three Step Plan previously introduced in our News Release dated 10/19/15. This plan outlined our plan to:
1. Bring the company current and reorganize debt.
2. Move the corporation to Florida.
3. Move forward on the development of mobile applications for GPSTrax.
Since this plan was implemented, over $281K has been Novated into series B Preferred Stock in less than one month and over $1.2 million in employment debt has been settled off the books. NSEH, Inc. has also successfully completed the domicile process to move the corporation to Florida. The corporation in Nevada has been dissolved and we are now successfully a Florida Corporation, incorporated under the name of NuState Energy Holdings, Inc. We have contracted with our development team to have the first mobile app in place January, 2016.
Roberton stated “This is a true indication to the entire Management Team that we have the overwhelming support of our long term shareholders. With this support we will turn NSEH into a well-structured, profitable company of excellence in 2016”.
As the final update of 2015 both Kevin Yates, Chairman and Kathy Roberton , CEO want to wish everyone the best in the New Year!
About NuState Energy Holdings, Inc.:
NuState is a provider of vehicle telematics solutions to the Consumer, Small Medium Business and Enterprise industries. GPSTrax was created from years of development experience and proprietary algorithms. GPSTrax connects to the vehicle’s computer allowing communication to all of the vehicle sensors for real-time data collection. GPSTrax has proven to enhance worldwide emission reduction solutions for the automobile and trucking industry. GPSTrax collects and synthesizes the data for carbon credit capture. GPSTrax is the universal technology that turns any vehicle into a smart and environmentally friendly vehicle.
For more information about NuState, call (954) 712-7487 or visit our web site www.nsehinc.com. NuState is located at 410 East Las Olas Blvd Suite 1400 Fort Lauderdale, Florida 33301
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company’s Forms 10-K and 10-Q filed with the SEC.
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Source:NuState Energy Holdings, Inc.