CRESCO, PA--(Marketwired - Mar 17, 2017) - Net Savings Link, Inc. (OTC: NSAV) announced today in response to numerous shareholder inquiries, that the Company is categorically not planning or even considering a reverse split of its shares. Since the current management took over in February 2016, NSAV imposed a strategy of building the company from the ground up and reverse stock splits are almost always detrimental to shareholders.
The Company also announced the status of a planned 8-K filing. The Company's attorneys have advised that the purpose of an 8-K filing is to report material events, such as acquisitions, stock splits and other related activities and as none of those actions have occurred, no 8-K filing is required or prudent and this press release will serve as an update to the shareholders. As NSAV is under new management and just entering the booming medical marijuana industry, the Company will keep its shareholders fully informed of all necessary updates with a minimum of one comprehensive press release per week and 8-K filings when required.
NSAV also announced a clarification of its authorized and issued and outstanding shares. In July 2015, the former management and a majority of the Company's shareholders approved an increase of the authorized shares from 3 billion to 10 billion, due to the Company having less than 100,000 shares available. The current management was not in any way involved with this shareholder vote.
Further, the Company, after being notified by a shareholder on March 8 that its transfer agent informed said shareholder of a share increase of nearly 150 million shares, contacted the transfer agent for clarification twice on March 8 and again on March 10 and March 13. At 6:30 PM EST on March 13 the transfer agent confirmed a new issuance 149,666,667 shares. The Company learned of this issuance at the opening of business on March 14. The Company's president immediately contacted the transfer agent and inquired how this issuance could take place without the management's knowledge or approval. The transfer agent responded that the issuance of these shares was already approved by the Company's previous management. The Company has put the transfer agent on notice that it must never issue shares without the management's knowledge and approval again. The current management of the Company was not involved in any way with this share issuance and is not aware of any additional share issuances since it took over the Company in February 2016.
James Tilton, president of NSAV stated, "I am truly pleased that the Company will not be doing a reverse split and I sincerely hope that we have put our shareholders' minds at ease. I have been in the public markets for 22 years and I have never seen a reverse split benefit shareholders. Our only objective is to conduct activities and take corporate actions that benefit all NSAV shareholders. NSAV is in the process of updating its company profile page on the OTC Markets website and will be posting its authorized and issued and outstanding shares and updating the totals if new shares are issued. The Company has no current plans to issue new shares."
Mr. Tilton went on to state, "The Company is fully committed to getting NSAV up to date on its SEC filings. The Company is also fully committed to making acquisitions in the field of medical cannabis technology. NSAV will issue a comprehensive press release next week to update its shareholders on the progress of its SEC filings and acquisition plans."
NSAV's vision is the establishment of a fully integrated medical cannabis technology company that provides turnkey technological solutions to the medical cannabis industry. Over time, the Company plans to provide a wide range of services such as software solutions, e-commerce, financial services, patents and trademarks and information technology.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Net Savings Link, Inc. to accomplish its stated plan of business. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Net Savings Link, Inc. or any other person.