SCOTTSDALE, AZ / ACCESSWIRE / July 7, 2023 / (OTC MARKETS) - A1 Group, Inc. (the "Company" or "AWON") would like to announce that it is continuing in its goal to cancel various common stock issuances that were either not properly issued or were not earned by the shareholder of record.
During April 2023, the Company initially cancelled to treasury 51,470,460 shares of Common Stock lowering it issued and outstanding Common Stock from 412,226,498 to 360,756.038 (a lowering of 12.49%). After this cancellation, in early May 2023, the Company then lowered its authorized Common Stock cancellation by 50%, from 750,000,000 to 375,000,000 shares of Common Stock authorized.
As subsequently announced, the Company has identified two significant blocks of Common Stock that the Company is currently processing for potential cancellation to treasury.
- The initial potential cancellation to treasury stock that the Company is currently working is 166,568,157 shares of Common Stock held by a control shareholder ("Control Shares). These Control Shares were issued in July of 2017 pursuant to a licensing agreement that was never consummated with the Company ("Potential Cancellation"). If successful with this Potential Cancellation, the Company's issued and outstanding Common Stock will drop from 371,756,038 to 205,187,881 (44.81% decrease).
- In addition to the Potential Cancellation, the Company has also identified 56,962,757 shares of Common Stock held by five (5) shareholders that may be processed for cancellation to treasury stock as well. The Company is currently researching the transactions that resulted in the issuance of the Common Stock to these shareholders and consulting with its legal counsel. This would result in a 15.32% drop in the issued and outstanding Common Stock when viewed individually aside from the Potential Cancellation discussed above.
The Company would like to provide an update on the cancellation listed above of 166,568,157 shares of Common Stock. At this time, the Company has identified all the original corporate documents related to this issuance and are in the process of preparing to send the file to our corporate counsel to start the process of the cancellation of this Common Stock block with our transfer agent, Empire Stock Transfer out of Las Vegas, Nevada. The final piece we are waiting for is a signed affidavit from the Company's management team from 2017 to provide a factual baseline for the cancellation from the initial issuance of a licensing agreement to the failure to perform by the shareholder. The Company expects to send this file to legal counsel in the net two weeks to start the cancellation to the treasury process.
CEO, Lloyd Preston Jr. said "We have been working very hard to put together all of the original documents from almost seven years ago under a different management team and working with them on putting together a full affidavit of facts that will be required to provide a well-documented case for the cancellation of the block of 166,568,157 shares of Common Stock. Once this cancellation is completed, the issued and outstanding Common Stock will drop from the current 360,756,038 to 194,187,8810, an additional lowering of 46.17%. To move forward as a growing publicly quoted Company, we felt it was proper course to amend our capital structure to remove all previous issuances of Common Stock that were either improperly issued or not earned by the recipients of the equity positions. That is our focus, and over the past three months we have been successful in these endeavors and will continue to push forward with all of the disclosed potential cancellations of suspected Common Stock blocks."
Disclaimer Regarding Forward-Looking Statements
Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future?strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions.? In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties, and assumptions. ?Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements.? We caution investors not to rely unduly on any forward-looking?statements.
ABOUT US
A1 Group, Inc. is a Nevada corporation, is a public quoted Pink Sheet OTC issuer under the ticker symbol "AWON" (the "Company"). The Company reports as an alternative reporting issuer with OTC Markets Group, Inc. and is current in its mandatory required filings (e.g., Pink Sheet Current). The Company has acquired assets to become a producer of oxygen-enhanced water products intended to help improve one's health, wellness, and lifestyle. The company's products will be produced were produced using a proprietary O4 molecule that is BPA-free and contained higher oxygen content than regular water and is packed with post-consumer recycled plastic bottles, enabling consumers to increase stamina, improve focus and promote faster recovery. Additionally, the Company plans on becoming a regional co-packer of water products for large clients.
CONTACT
15169 North Scottsdale Road
Scottsdale, Arizona 85254
(480)-432-1536
Company Web Site: www.AwonBeverages.com
Twitter: @A1Beverages
Company Email: info@AwonBeverages.com
Contact: Lloyd Preston Jr., President, and CEO
SOURCE: A1 Group, Inc.
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