The Automotive Resource Network Holdings (ARNH.PK) announced today that its Board of Directors has agreed to decrease the issued and outstanding shares in the company as part of an overall plan to significantly reduce the company’s total authorized shares.
The Board’s actions were announced at the conclusion of a series of meetings spanning two days involving TheARN’s Board of Directors, top Executives and other key personnel in Fort Lauderdale, Florida. As a result of this initiative, the company’s total authorized shares will immediately be reduced from from 800 million to 700 million shares (550 million common plus 150 million preferred). The Board also unanimously agreed to consider further reductions of both total company shares and their personal holdings in the near future if it becomes clear that doing so will be in the company’s best long-term interests.
Kathy Roberton, CEO of TheARN, commented, “The Fort Lauderdale sessions were extremely positive and productive and have put us on a firm footing as we shift our focus to enhancing our brand and mass marketing our products. I am very excited about the results of these discussions and firmly believe that the decisions that were put into motion this week will increase shareholder value and promote the long term vision of the company. We remain fully committed to full disclosure to our shareholders in the future as each opportunity manifests itself into a revenue bearing model.”
Paul Redmayne, COO of ARNH added, “I am very pleased not only with actions of the Board but also with the contributions of the executive team, the DRTV professionals and the network marketing individuals who were in attendance at these meetings. After observing these individuals in action, I am more convinced than ever that we have assembled a strong and effective team that will lead the company to great success.”
ABOUT THE AUTOMOTIVE RESOURCE NETWORK HOLDINGS, INC.
The Automotive Resource Network, Inc. is a direct marketing company that offers a unique month to month vehicle service contract, roadside assistance products, and nano-technology products direct to consumers through independent sales channels. Its soon-to-be released WynShield Pro product is a clear liquid that uses nano-technology to bond with vehicle windshields and other glass surfaces, keeping them cleaner, clearer, stronger, and hydrophobic by providing a coated surface that helps prevent bugs, rain, ice, dirt, and other debris from sticking.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this press release relating to The Automotive Resource Network Holdings, Inc.’s future plans, expectations, beliefs, intentions and prospects are “forward-looking statements” and are subject to material risks and uncertainties. When used in this press release, the words “will,” “future,” “expect,” “look forward to,” similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the control of The Automotive Resource Network Holdings, Inc. (the “Company”) that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur. All information set forth in this press release is current as of April 4th, 2012. The Company undertakes no duty to update any statement in light of new information or future events unless required by law.
The Automotive Resource Network Holdings, Inc.
SOURCE The Automotive Resource Network Holdings, Inc.