Phase 1 Achieves 55% Reduction in Shares
Roseville, Minnesota, Feb. 19, 2025 (GLOBE NEWSWIRE) -- SecureTech Innovations, Inc. (OTC: SCTH), a pioneering force in blockchain, Web3, and cybersecurity technologies and platforms, is pleased to announce the successful completion of Phase 1 of its 2025 Share Reduction Program.
During Phase 1, SecureTech canceled 43,100,000 shares of its common stock, resulting in a 55% reduction in the total number of shares. As of today, SecureTech has 35,309,329 issued and outstanding shares of common stock.
Phase 2 of the 2025 Share Reduction Program is expected to be completed by Q3 2025. Currently, SecureTech has received commitments from several shareholders to cancel an additional 18,100,000 shares of its common stock upon achieving certain milestones outlined in the 2025 Roadmap. SecureTech will provide further updates through official press releases and SEC filings as these milestones are reached.
J. Scott Sitra, President and CEO of SecureTech, stated, "This marks a significant step forward in our 2025 Roadmap for Innovation and Growth. With this substantial share reduction, SecureTech is better positioned to pursue our recapitalization plans, which include securing new major sources of investment capital and rapidly growing the company through targeted strategic acquisitions."
Mr. Sitra added, "For our dedicated shareholders, completing these next few steps will bring us much closer to our longer-term objective of uplisting to the NASDAQ or NYSE stock exchange later this year. This milestone will facilitate broader acceptance and trading of SCTH shares among most U.S. stockbrokers."
About SecureTech Innovations
SecureTech Innovations, Inc. is a pioneering innovator in blockchain, Web3, and cybersecurity technologies. Through its Piranha Blockchain subsidiary, it is developing cutting-edge technologies and platforms to securely store and transfer digital assets and enhance online privacy and protections. Additionally, SecureTech is known for its groundbreaking safety device, Top Kontrol®, an advanced anti-theft and anti-carjacking system designed to preserve life and protect property. For more information, visit securetechinnovations.com, piranhablockchain.com, and topkontrol.com.
This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements refer to future events, expectations, plans, and prospects. SecureTech Innovations, Inc. ("SecureTech") believes the expectations reflected in these forward-looking statements are reasonable as of the date they are made. However, actual results may differ materially from those expressed or implied by these forward-looking statements. SecureTech identifies forward-looking statements with words like 'believes,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'projects,' 'intends,' 'potential,' 'may,' 'could,' 'might,' 'will,' 'should,' 'approximately,' and similar expressions that convey uncertainty about future events or outcomes. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including market conditions and other circumstances. More detailed information about SecureTech and the risks that may affect these forward-looking statements can be found in SecureTech's filings with the Securities and Exchange Commission ("SEC"), including the risks contained in the section of our Annual Report filed on Form 10-K entitled "Risk Factors." These filings are available on the SEC's website at www.sec.gov.
Forward-looking statements in this press release speak only as of the date they are made. SecureTech has no obligation to update any forward-looking statements to reflect new events or circumstances after the date of this press release, except as required by law.
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