Software as a Service provider, F3 Technologies, Inc., Updates its Valued Shareholders. ‘Reducing Authorized Shares by 86 ...
September 26 2013 - 8:15AM
Access Wire
ALPHARETTA, GA – ACCESSWIRE - F3 Technologies, Inc., (OTC
Markets: FTCH), a Software as a Service (SAAS) company engaged in
mobile and cloud based, software as a service platforms for
certain key industries, is pleased to issue this update to the
investment community.
As most of you know 2011 and 20012 began a difficult cycle for
F3 Technologies with the impact of a distressed global economy
causing many companies to redefine their concept of success as mere
survival. As the economy moves forward into what appears to be
a modest upswing, we at F3 are cautiously optimistic and are
determined to emerge from economic downturn as a leaner, stronger
and more competitive SAAS provider.
On September 5, 2013 Jeffrey S. Cosman took over the operations
of F3 as the CEO and majority shareholder and immediately hit the
ground running, while personally investing his own capital in
the future of F3. In his first 3 weeks as the new CEO of F3,
Jeff has completely revitalized the efforts and determination to
see F3 become a success in 2013.
Since taking over, F3 has;
- Executed documents to reduce the authorized shares from
3,002,000,000 to 402,000,000 which is an 86% reduction
- Eliminated roughly $460,000 worth of debt owed to the former
CEO
- Acquired cConnects and cDetails platforms from COVI Point,
LLC
- Maintained its current share float of roughly 7,500,000 common
shares
- Hired 4 new additional programmers to complete IDS by late
November
- Signed an NDA with a $35 billion dollar company to discuss and
conduct due diligence on cConnects
- Filed all delinquent past quarterly reports with OTC
Markets
- Filed all annual financial reports with OTC Markets
- Brought OTC Market status up from “Stop Sign” to “Yield Sign”
and is seeking to go “ PS Current Filer”
- Signed Agreement with majority debt holder to eliminate
Warrants due which may have resulted in the issuance of hundreds of
millions of shares, significantly reducing its potential dilutive
liabilities.
…All this in the first 3
weeks.
“The first few weeks activities were all contemplated to
strategically position F3 for immediate financial success with a
goal of shareholder value appreciation. It is imperative that
we work to significantly increase shareholder value with a vision
that the F3 stock be as attractive as cash to potential acquisition
candidates already targeted.” Stated Jeffrey Cosman, CEO of
F3 Technologies, Inc.
…In the next few weeks F3 intends
to;
- Undergo a name and ticker symbol change to more accurately
reflect the new direction of the company
- Engage an auditor and legal counsel for the purposes of moving
to the OTCQX, OTCQB or better
- Enter into an LOI with and announce F3’s second acquisition
target
On April 2, 2013, the U.S. Securities and Exchange Commission
issued guidance permitting companies to use social media sites
including Facebook Inc. (FB) and Twitter Inc. to communicate
company announcements F3 encourages the investment
community to follow all F3 developments as it starts its practice
of releasing news and other financial and product updates on its
Facebook page at
https://www.facebook.com/pages/F3-Technologies/461042987299984as
well as its Twitter feed at https://twitter.com/f3technologies.
ABOUT F3 TECHNOLOGIES, INC. F3 Technologies is
Software as a Service (SaaS) platform provider that creates mobile
and cloud based platforms and applications for industries ranging
from law enforcement and municipalities to entertainment and B2B
enterprises. Its products includes; Interactive Defense System
TM, for law enforcement and other municipal departments;
cConnectsTM, for efficient communication and fleet/asset
management using mobile and web based portals; and
FargoTubeTM (http://www.fargotube.com), a scalable and
mobile platform for online distribution and social networking of
entertainment professionals and their content.
Follow us on Twitter: http://twitter.com/f3technologies
Forward-Looking Statements
Comments are based on current management expectations, and
are considered "forward-looking statements," generally preceded by
words such as "plans," "expects," "believes," "anticipates," or
"intends." We cannot promise future returns. Our statements reflect
our best judgment at the time they are issued, and we disclaim any
obligation to update forward-looking statements as the result of
new information or future events. We urge investors to review the
risks and uncertainties within its filings with the OTC Markets
and/or Securities and Exchange Commission.
Contact
678 871 7457
Jeff Cosman, CEO
Source: F3 Technologies, Inc.
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