Oct 24 2009
Cardio Infrared Technologies, Inc. (PINKSHEETS: CDOI) (www.cardio-cor.com) today announced that its Board of Directors has authorized a reduction of the authorized shares from 5,000,000,000 to 1,500,000,000.
"The Board took the action to reduce the amount of authorized stock to more accurately reflect the capitalization of the company. This lower authorized is a one third reduction in the authorized shares for the company. The board believes that this reduction in authorized shares will facilitate the company's ability to attract companies for acquisition and expansions. The company currently has 47,181,495 shares issued with 4,714,172 free trading shares currently issued and outstanding," said Wayne Bailey, Chief Executive Officer of Cardio Infrared Technologies, Inc. "We continue to pursue our acquisition and growth plan and believe this 1/3 drop in authorized shares will facilitate our financial plans for the company."
SOURCE: Cardio Infrared Technologies Inc.