Here To Serve Holding Corp. Cancels 75 Million Shares of Common Stock.
Here To Serve Holding Corp. (OTC:HTSC) (the "Company") announced today that its board of directors processed a cancellation resolution authorizing the outright cancellation without reissuance of 75 million shares of common stock. In 2018, the Company purchased 75 million shares from the Companys former Chief Executive Officer (the Former CEO) by issuing $2.5 million in convertible securities to an entity controlled by the Former CEO. On September 30, 2019, the Company purchased the $2.5 million in convertible securities from the Former CEOs entity for a purchase price of 4.99 percent of the Companys outstanding common stock, or 2,503,500 shares of the Companys common stock. We cleaned up our balance sheet and eliminated all convertible debt on September 30, 2019, said Paul Riss, the Chief Executive Officer of the Company. However, we treated the 75 million shares surrendered by our Former CEO as treasury stock on our balance sheet. Consequently, our shares issued were 75 million shares greater than our shares outstanding, and it was confusing to some investors who focused on the number of shares issued, because that is the number that OTC Markets publishes. We cancelled the 75 million shares and as of today OTC Markets is listing our common stock as having 50,732,649 shares issued and outstanding. To see the transfer agent verification of the 50,732,649 shares outstanding on the OTC Markets website, visit the HTSC profile at https://www.otcmarkets.com/stock/HTSC/security. About Here To Serve Holding Corp. Here to Serve Holding Corp. (HTSC) operates as three divisions: Novus Ordo Industries Inc., ICF Industries Inc., and Executive Industries. Novus is a construction company focused on the development of residential homes, commercial properties and cannabis facilities using Insulated Concrete Forms (ICF). ICF Industries Inc. is a distribution, consulting and sales corporation that markets ICF construction material in North America. The added strength and security resulting from using both our CannaBlock and CannaCrete products is designed to create a complex that protects the building from fire, flooding, mold, mildew, pathogens and equipment loss. ICF buildings can withstand 250 mph sustained winds. Executive Industries is a consulting division that offers companies assistance with corporate projects, primarily in conjunction with Regulation A and Regulation CF of the Securities Act of 1933. We prepare or review offering statements and financial statements to establish that documents are in accordance with crowdfunding regulations. The information contained herein includes forward-looking statements.These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.