SIMI VALLEY, CA / ACCESSWIRE / August 12, 2016 / On August 11, 2016, Airborne Wireless Network, a Nevada corporation (the "Company"), entered into an agreement with its current President, J. Edward Daniels, to cancel the issuance of 80,000,000 of those 84,100,000 shares of the Company's common stock then held by him. As a result of this issuance cancellation, the total number of outstanding shares of common stock of the Company has been drastically reduced to 74,097,796.
The Company anticipates that in the future it may be presented with possible financing and acquisition opportunities which may require the issuance of additional shares of its common stock. The Company desires to not be required to amend its Articles of Incorporations (the "Articles") to authorize additional shares of its common stock. Mr. Daniels desires that the Company have sufficient shares of its common stock available to accommodate possible future financing and acquisition plans, without the necessity of amending the Articles.
FORWARD LOOKING STATEMENTS:
This release includes, "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward looking statements. Risks and uncertainties include, but are not limited to, availability of capital, general industry conditions and competition; general economic factors; the impact of industry regulation; technological advances; new products and patents attained by competitors; challenges in new product development; manufacturing difficulties or delays; dependence on the effectiveness of the company's patents; and the exposure to litigation, including patent litigation, and/or regulatory actions.
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SOURCE: Airborne Wireless Network