The Company completes the complex process of removing 700 million shares previously issued from its Outstanding Shares, reducing the balance by 12% overall. In addition, the Cyberlux Board of Directors has moved to further reduce its Authorized Share level by 1.75 billion or 20%
RESEARCH TRIANGLE PARK, NC / ACCESSWIRE / May 4, 2022 / Today, Cyberlux Corporation, (OTC:CYBL), an advanced digital technology platform company leading the digital transformation evolution across industries with breakthrough Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) solutions, advanced unmanned aircraft solutions (UAS), cutting-edge lighting solutions, and renewable energy and infrastructure technology solutions, announced that the Company has successfully completed the process of removing 700,000,000 (700 million) ‘ghost' restricted common stock shares from its Outstanding Share balance, reducing the current Outstanding Shares by 12% overall, from 5.8 billion shares to 5.1 billion shares. A remnant from an unfulfilled financial transaction from 2014, these 700 million restricted common stock shares were reported as lost and destroyed in 2018, and while untradeable, these shares were also unable to be returned for cancellation. In 2021, Cyberlux Management began the complex process of legally fulfilling the consent and compliance process required by its transfer agent, Standard Registrar and Transfer Company, and the representatives of the prior shareholder to remove these shares from the Outstanding Share level. Cyberlux Management navigated the complex process and prevailed and completed the process earlier this week, an almost unheard-of endeavor.
Furthermore, the Cyberlux Board of Directors has reviewed its 2022 Roadmap for future strategic growth and concluded the Company's Authorized Share level can be appropriately reduced by 1.75 billion shares, from 8.75 billion to 7.0 billion. This announcement is a 20% reduction in the current Authorized Share level. The Company will file the amendment to reduce its Authorized Share level with the Nevada Secretary of State within the next 5 business days and expects the reduction to be reflected within the next 10 business days, providing more protection to its shareholders from unnecessary dilution while still allowing the Company to achieve its strategic growth to over $225 million in revenue by 2025.
"With our ongoing execution of both our Operation Alpha and our strategic Roadmap, the Cyberlux growth plans are in place and we are now able to take further action on the CYBL equity structure as we intend. Last year we began the work to eliminate the 700 million ‘ghost' shares, and have succeeded in this effort, reducing our Outstanding Shares by 12%. At the same time, our Management team and Board of Directors concluded that a further reduction of 20% in our Authorized Share level is warranted at this time, a significant action to help our shareholders accrue value in their positions while allowing the Company to have the means to execute our plans, with further action reserved for the future. We are expanding rapidly across all four of our business units, each scaling during 2022 to meet our plans, as we drive Cyberlux to be the multi-billion-dollar company we expect it to be. With the markets we now serve, we are seeing new customers and partnerships, and limitless global opportunities, specifically within our Digital Platform Solutions (DPS) unit and our Unmanned Aircraft Solutions (UAS) unit. Having a healthy equity structure is vitally important and today we've taken the next steps to build the Company," said Mark Schmidt, President and Chief Executive Officer of Cyberlux.
Going forward, Cyberlux Corporation is "Harnessing the Future", driving operational growth with current and future technologies, through fundamental organic growth and through an accelerated acquisitions and joint ventures strategy, all fueling significant future growth. As the Company develops advanced technology products, Cyberlux will identify core technology and product companies, and these companies and technologies will become the future CYBL growth catalysts. As results have demonstrated, Cyberlux is building a global enterprise and developing into a leading technology growth company.
About Cyberlux Corporation
Cyberlux Corporation (OTC Bulletin Board:CYBL) is a digital technology platform company providing breakthrough Digital Platform Solutions, including Platform-as-a-Service and Software-as-a-Service solutions, advanced Unmanned Aircraft Solutions, Advanced Lighting Solutions, Infrastructure and Renewable Energy Technology Solutions to U.S. government agencies, commercial customers, and international growth markets. Cyberlux is "Harnessing the Future" by leading digital transformation across global industries, driving operational growth through an accelerated acquisitions and joint ventures strategy, and continuously fueling growth with current and future technology developments. For more information, please visit www.cyberlux.com. For investor information, please contact: firstname.lastname@example.org
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Cyberlux Corporation
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