TRI-STAR HOLDINGS, INC. announced the Company’s Board of Directors convened a special meeting to unanimously approve a 1 for 10 share dividend. Shareholders will receive one share of restricted common stock for every ten shares held on the as-of-yet-undetermined record date to be scheduled in accordance with NASD rules and the company’s transfer agent. Additionally, management announced that it has begun negotiations with two independent acquisition targets including the company’s first international target.
Management anticipates announcing one or more executed letters of intent in the very near future, to be followed by definitive agreements. Negotiations are still under way, but it is anticipated that one or more acquisitions will be executed in part or entirely by the issuance of restricted common stock of the company. Accordingly, management stated that it has raised the total shares authorized by 1,000,000,000 shares to facilitate the dividend and these pending acquisitions.
Management also noted that as of today, there are approximately 640,000,000 shares issued and outstanding, approximately a third of which are insider held restricted common shares, and that the company has no plans to complete a reverse split.
CEO Anthony Mellone stated: “We are growing our company, and while yesterday’s appreciation in the price per share is beneficial for all of our shareholders, we still believe that the current share price is undervalued and does not accurately reflect the value of Tri-Star Holdings. We have much to be excited about and we are looking to acquire assets both domestically and abroad.”
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