Targeting Total Reduction in Outstanding Common Shares by 70% in 2023
ROSEVILLE, Minn., June 01, 2023 (GLOBE NEWSWIRE) — SecureTech Innovations, Inc. (OTC: SCTH), an emerging growth company that develops and markets cutting-edge security and safety devices, products, and technologies such as Top Kontrol and its early-stage cybersecurity and cryptocurrency technology incubator Piranha Blockchain, announces it launched a long-term share reduction program.
The goal of this share reduction program is to reduce the nearly 112 million shares of common shares presently outstanding to under 35 million shares before the end of the year. This would represent a total reduction in outstanding shares of around 70%
Phase 1 of this share reduction program is already underway and includes an initial 25 million share reduction, representing 22.4% of the currently outstanding common shares. Once SecureTech’s transfer agent effects this Phase 1 reduction, SecureTech will have 86,850,513 common shares outstanding.
SecureTech’s President and CEO Kao Lee commented, “We are very pleased to announce this share reduction initiative. This is an extremely positive and valuable program designed to add substantial value to our long-term investors’ holdings while preparing SecureTech for a successful capital raise at higher prices through its planned Regulation A+ offering.”
“All of us at SecureTech continue working diligently to increase the underlying value of the business and our loyal shareholders’ investments. We look forward to sharing additional new developments in the coming weeks,” added Mr. Lee.
About SecureTech Innovations
SecureTech is an emerging growth company that develops and markets security and safety devices, products, and technologies – our products preserve life, protect property, and prevent crime. SecureTech is the maker of Top Kontrol®, the only anti-theft and anti-carjacking system known that can safely stop a carjacking without any action by the driver. Through its Piranha Blockchain subsidiary, SecureTech is developing advanced cybersecurity technologies for blockchain and cryptocurrency systems and platforms involving cryptocurrency mining, digital asset storage and protection, and cryptocurrency trading platforms. For more information, visit securetechinnovations.com, topkontrol.com, and piranhablockchain.com.
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of Management on the dates they are made and expressly qualified in their entirety by this notice. SecureTech Innovations, Inc. (“SecureTech”) assumes no obligation to update forward-looking statements should circumstances or Management’s estimates or opinions change, other than as required pursuant to applicable securities laws. For a description of additional risks and uncertainties, please refer to SecureTech’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report filed on Form 10-K.
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