CHICAGO, IL--(Marketwired - March 13, 2017) - rVue Holdings, Inc. (OTC PINK: RVUE), a premier advertising technology platform for digital location video, announced that the Company has completed an increase of its authorized shares.
On February 28, 2017, rVue received the approval of shareholders holding approximately 57.45% of its issued and outstanding shares of common stock, by written consent without a special meeting of the shareholders, for an amendment to its Articles of Incorporation that increases the number of shares of common stock authorized from 375,000,000 to 650,000,000 (the "Amendment").
Nevada law requires a simple majority approval for this action, and the Company sought only the votes of its directors and executive officers, and shareholders affiliated with them, rather than conduct a more costly outreach to all shareholders. As of the date of this press release, rVue has 285,277,634 shares of common stock issued and outstanding. The shareholders approved the Amendment upon the recommendation of the Board of Directors, which determined that the increase was advisable in order to permit the Company to honor its stock issuance obligations under its convertible notes with Roche Enterprises, Inc., as well as under its outstanding options and warrants, which currently are convertible into approximately 34,722,661 shares of common stock.
The additional authorized shares are also intended to permit the Company to sell additional shares of stock in potential future private placements. The Amendment became effective on March 2, 2017 following the filing of a Certificate of Amendment with the Secretary of State of the State of Nevada to implement it.
rVue Holdings, Inc. is an advertising technology company providing the digital distribution platform for the Digital Place-Based Advertising industry. The Company connects approximately one million digital screens across 175 networks delivering access to 250 million daily impressions in one simple platform. Backed by the industry's most intuitive and intelligent platform, rVue has the technology, data and expertise to connect brands and targeted consumers where and when it matters most. For more information, please visit http://www.rvue.com.
Forward Looking Statements
This press release contains "forward looking statements." The statements contained in this press release that are not purely historical are forward-looking statements. Forward-looking statements give the Company's current expectations or forecasts of future events. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company's control, and could cause the Company's results to differ materially from those described. The Company is providing this information as of the date of this press release and does not undertake any obligation to update any forward looking statements contained in this press release as a result of new information, future events or otherwise. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Important factors that could cause such differences include, but are not limited to, the Risk Factors and other information set forth in the Company's 2015 Annual Report on Form 10-K, in our other filings with the Securities and Exchange Commission and in our press releases.