Eventure Interactive, Inc. Files PRER14C Information Statement to Potentially Increase Authorized Shares, if Needed for Future Financing Activities
Due to Excessively Large Share Reserve Blocks Recently Established by the Remaining Convertible Debt Holders, Eventure Interactive, Inc. is Taking Precautionary Moves by Filing the PRER14C to Potentially Increase the Authorized Share Amount
COSTA MESA, CA / CRWEPRESSRELEASE / August 4, 2015 /Eventure Interactive, Inc. (OTCMKTS:EVTI), a social application and technology development Company, whose mission is to enrich event participation, today announced that it has filed a PRER14C Information Statement to potentially increase its Common Stock Authorized Share amount to two billion from one billion. As a condition of existing convertible debt holders, up to an 8X factor of their promissory note is to be held in common stock reserve with the Transfer Agent of the Company, therefore at the current stock price all current excess authorized shares have been reserved until the existing debts are retired. While the Company does not intend to issue the full amount of two billion shares, until the reserve allocations have been released by existing convertible debt holders the Company may need to have a larger authorized amount of common stock in place for future financing activities in order to satisfy future reserve requirements.
“Eventure is committed to managing our Capitalization table to provide for long-term shareholder value as well as short-term financing needs while we transition from a development stage Company into a self-sustaining revenue generating Company,” said Michael Rountree, Chief Financial Officer of Eventure Interactive, Inc. “We have filed the PRER14C Information Statement as a pre-cautionary move to ensure that the Company has enough Common Stock reserves for securing future financing. As we continue to execute to our business plan we trust the market will recognize the proper value the company on its fundamentals. Likewise, if the current stock price were to appreciate the need for excessive reserves is significantly diminished and today’s filing to potentially increase the amount of authorized common stock is moot,” continued Mr. Rountree.
About Eventure Interactive, Inc.
Eventure’s business is to connect people locally for controlled sharing of their lives.
Every day, millions of people are forced to use multiple applications to plan, invite, navigate, capture, organize and share their social and business events. Without organization and a simple retrieval system, sharing and recalling memories are often difficult, and many times non-existent. In addition, currently used techniques of memory sharing are person-to-person as opposed to persons-to-event, so many captured memories never end up being shared in a controlled group environment. Eventure solves for this very problem. Our proprietary technologies are robust, yet simple-to-use which address inefficiencies in the social marketplace by enabling captured memories to be centrally stored and effortlessly shared among event attendees in a secure, real-time environment. From our Social Calendar, to our Wearable Camera Technologies, to our Event based Games, Eventure truly redefines how one creates, curates and organizes life’s most memorable moments.
For more information please visit: www.eventure.com
Forward Looking Statements:
This press release contains 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, as amended, which are made in accordance with the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from those implied in these forward-looking statements as a result of many factors, including, but not limited to, overall industry environment, customer acceptance of our products, delay in the introduction of new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory or governmental authorities, termination or non-renewal of customer contracts, competitive pressures and general economic conditions, and our financial condition. These and other risks and uncertainties are described in more detail in our most recent annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by applicable laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission that discuss other factors germane to our business.
Executive Director, Investor Relations
Eventure Interactive, Inc.
SOURCE:Eventure Interactive, Inc.