DoMark International, an investment company focused on owning and developing patented and innovative mass market consumer products, today announced that it has cancelled 5.74 million Common A shares issued to Victory Lane LLC, reducing the total number of shares currently issued and outstanding to approximately 36.5 million, a reduction of more than 60%.
On May 13th, 2009, the company issued 5,747,126 million Common A Shares for assets in Victory Lane LLC. As a result of never receiving the assets promised by Victory Lane, the Board of Directors has cancelled this transaction and corresponding shares.
Furthermore, the company’s Board of Directors has agreed to cancel 50,000 Preferred Shares convertible into Common A shares at a 1000:1 conversion ratio, thereby reducing the company’s liability by 50,000,000 Common A shares.
Andy Ritchie, DoMark president & CEO, commented, “This represents Managements continued commitment to maximizing shareholder value and ensuring our Company is based on solid foundations and strong corporate fundamentals and values to protect investor return going forward.”
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