A1 Group, Inc. - Update on Common Stock Cancellations

SCOTTSDALE, AZ / ACCESSWIRE / July 7, 2023 / (OTC MARKETS) - A1 Group, Inc. (the "Company" or "AWON") would like to announce that it is continuing in its goal to cancel various common stock issuances that were either not properly issued or were not earned by the shareholder of record.

During April 2023, the Company initially cancelled to treasury 51,470,460 shares of Common Stock lowering it issued and outstanding Common Stock from 412,226,498 to 360,756.038 (a lowering of 12.49%). After this cancellation, in early May 2023, the Company then lowered its authorized Common Stock cancellation by 50%, from 750,000,000 to 375,000,000 shares of Common Stock authorized.

As subsequently announced, the Company has identified two significant blocks of Common Stock that the Company is currently processing for potential cancellation to treasury.

1. The initial potential cancellation to treasury stock that the Company is currently working is 166,568,157 shares of Common Stock held by a control shareholder ("Control Shares). These Control Shares were issued in July of 2017 pursuant to a licensing agreement that was never consummated with the Company ("Potential Cancellation"). If successful with this Potential Cancellation, the Company's issued and outstanding Common Stock will drop from 371,756,038 to 205,187,881 (44.81% decrease).
2. In addition to the Potential Cancellation, the Company has also identified 56,962,757 shares of Common Stock held by five (5) shareholders that may be processed for cancellation to treasury stock as well. The Company is currently researching the transactions that resulted in the issuance of the Common Stock to these shareholders and consulting with its legal counsel. This would result in a 15.32% drop in the issued and outstanding Common Stock when viewed individually aside from the Potential Cancellation discussed above.

The Company would like to provide an update on the cancellation listed above of 166,568,157 shares of Common Stock. At this time, the Company has identified all the original corporate documents related to this issuance and are in the process of preparing to send the file to our corporate counsel to start the process of the cancellation of this Common Stock block with our transfer agent, Empire Stock Transfer out of Las Vegas, Nevada. The final piece we are waiting for is a signed affidavit from the Company's management team from 2017 to provide a factual baseline for the cancellation from the initial issuance of a licensing agreement to the failure to perform by the shareholder. The Company expects to send this file to legal counsel in the net two weeks to start the cancellation to the treasury process.