Novori, Inc. (NOVO.OB) reports that its Board has retired 19MM shares of insider common stock in favor of preferred convertible stock.
The insider common stock will be retired and subsequently reduce the total number of NOVO’s outstanding common shares. The preferred stock will not be trading.
The retirement of common stock will come strictly from the common stock held by the insiders of Novori, Inc. and not by its shareholders.
The management of Novori, Inc. believes that retiring currently issued common stock will have the effect of decreasing the number of shares outstanding, which in turn increases non-affiliate shareholder value.
“In the best interests of our organization and its shareholders we have elected to provide this enthusiastic endorsement to reduce the number of outstanding shares available for trading.
We are unswervingly devoted to the longevity of this company and look upon the retirement of our common stock as a sign of our confidence to the general public representing our long-term commitment to the growth and success of this organization,” stated Harold Schaffrick, CEO of Novori, Inc.
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