Tactical Air Defense Services announced today that it has retired 4 million shares of Series A Preferred Stock. The cancellation was a result of an Agreement and Mutual General Release signed by the company and a former shareholder.
The shareholder has agreed to waive payment of accrued dividends and rights to future dividends. Furthermore, the shareholder agreed to surrender rights to future distributions issued in connection with the shares.
Alexis Korybut, CEO of Tactical Air Defense Services, Inc., states, “The company has been taking proactive steps to build shareholder value. We have recently raised additional capital, formed a strategic advisory board, and added new board members and management. The retiring of the 4 million preferred shares reduces dilution to our stock holders and improves our capital structure moving forward.”
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