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December 10, 2003 16:40:32 (ET)
LOUISVILLE, Ky., Dec 10, 2003 /PRNewswire-FirstCall via Comtex/ -- FullCircle Registry, Inc. (FLCR, Trade), today announced that its Board of Directors adopted a resolution to reduce the Company's authorized shares of common stock by 100 million shares at its regular meeting on December 9, 2003.
This action, which will ultimately require shareholder approval, will lower FullCircle's authorized common shares from 200 million to 100 million and will be presented to shareholders at the Company's next Annual Meeting. "This resolution is intended to reflect the commitment of FullCircle's management and Board of Directors to limit dilution and build value for our current and future shareholders," commented Alec Stone, Chairman of the Board at FullCircle Registry, Inc.
At the same meeting, the Board of Directors also adopted a resolution accepting and commending CEO Ike Boutwell's offer to defer his compensation until such time as the Company achieves profitability. "Mr. Boutwell's willingness to link his compensation directly and solely to the achievement of profitability has sent a clear message to the Board regarding his commitment to FullCircle and his belief in our Company's potential," continued Mr. Stone. "It is both refreshing and encouraging in this day and age to see a senior executive align his personal objectives so closely with those of other shareholders."