CGS International, Inc. (OTC: CGSI) Announces Cancellation of 30,000,000 Shares of Common Stock
QUEZON CITY, PHILIPPINES / ACCESSWIRE / December 3, 2021 / CGS International, Inc. (OTC PINK:CGSI) (the "Company" or "CGSI"), a publicly traded, fully reporting emerging growth company doing business by and through its wholly owned subsidiary, World …
QUEZON CITY, PHILIPPINES / ACCESSWIRE / December 3, 2021 / CGS International, Inc. (OTC PINK:CGSI) (the "Company" or "CGSI"), a publicly traded, fully reporting emerging growth company doing business by and through its wholly owned subsidiary, World Agri Minerals Inc., and focused on the development and sale of organic plant enhancers, today announced that 30,000,000 shares of its common stock have been returned to authorized but unissued status by our largest stockholder (the "Stockholder"). The cancellation of the 30,000,000 shares of the Company's common stock results in the decrease of issued and outstanding shares of the Company's common stock from 46,990,013 to 16,990,013, or a 63.84% reduction in the Company's issued and outstanding shares of its common stock.
In exchange for the return of the 30,000,000 shares of the Company's common stock, the Company issued to the Stockholder 3,000,000 shares of its recently designated Series A Preferred Stock (the "Series A Preferred Stock"). Each share of the Series A Preferred Stock votes on a one hundred for one basis and is not convertible to common stock.
"The cancellation of the 30,000,000 shares of the Company's common stock in exchange for 3,000,000 shares of Series A Preferred Stock has been negotiated with our largest shareholder as the Company and the Shareholder both agree that the cancellation will assist the Company in achieving its long-term goals. By reducing our issued and outstanding shares by a significant amount, we think our capitalization becomes quite attractive as we move into the next phase of the Company's operations. We are excited to enter 2022 with a fresh start and are quite optimistic for the future" said Ramon Mabanta, the Company's Chief Executive Officer. Mr. Mabanta added, "Every day we press forward to become the premier ocean-based mineral organic plant food used today."
CGS International, Inc., by and through its wholly owned subsidiary, World Agri Minerals Inc., manufactures, markets, and sells a premiere proprietary commercial Agri-product known world-wide as GENESIS 89™. After years of research and development, GENESIS 89™ has been formulated to contain over 80 different trace minerals and contains a unique proprietary blend of these organic trace minerals. World Agri Minerals GENESIS 89™ product line boasts the highest concentration of seawater-harvested minerals available on the commercial and even the retail market. The proprietary extraction of these minerals provides the GENESIS 89™ product a unique blend of organic trace minerals and boasts the highest concentration of seawater-harvested minerals available on the market. All World Agri Mineral products consist of organic plant nutrients that hope to change the way the agriculture industry grow and fertilize products. Our GENESIS 89™ premium organic growth supplement can be applied as a soil amendment and/or foliar spray. We are confidently pressing forward as the premier ocean-based mineral plant food on the market.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This release contains "forward-looking" statements. All forward-looking statements are subject to uncertainty and changes in circumstances. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, and regulatory risks and factors identified in the Company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.
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SOURCE: CGS International Inc.
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