DigitalAMN Updates Shareholders on Disclosures, Share Reduction, and Development Plans
NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Digital Asset Monetary Network, Inc. (“DigitalAMN” or the “Company”) (OTCMKTS: DATI), a Public Accelerator-Incubator (“PAI”), today provided an update to shareholders on the status of its late third quarter filing, its recent reduction of 2M shares, and its business development plans.
Management had anticipated filing its 3rd Quarter Disclosures within the 5-day grace period but misjudged the timing due to endeavors the Company is currently embarking upon. Management has always strived to file on a timely basis in the past and will continue to do so in the future.
“In the interests of full disclosure and transparency to our shareholders, we anticipate that our third quarter disclosures will be filed within the next 12 business days during which time the Company will receive a ‘Yield’ sign from OTC Markets,” stated Ajene Watson, DigitalAMN’s CEO.
Management also announces that an additional 2,000,000 shares have been retired by an exchange of common stock for the Company’s Preferred BB shares. This action further tightens the Company’s cap table, reducing the outstanding common stock share amount to approximately 15M shares, with a total reduction of more than 100M shares (which reductions were noted in a previous shareholder update).
CEO Watson further commented: “We always give careful consideration to strategizing on how to best restructure our cap table with the least detrimental effects to our stakeholders, while positioning DigitalAMN for its next capital raise. In that vein, we intend to further strengthen our cap table with additional share reductions where possible.”
Lastly, the Company has worked diligently over the past three years to develop the PAI Ecosystem. Management is confident that the PAI Ecosystem is now ready to efficiently accelerate entrepreneurs, leverage ‘the crowd’ for capital formation, build a sizable equity portfolio, and be actively marketed to entrepreneurs, operating startups, or development stage companies – private or public – in 2021. With this, the Company has slated a path to sustainable revenue and plans to upgrade to the OTCQB in 2021.
Watson concluded, “The evolution of the PAI Ecosystem from concept to reality has been quite the journey. The focus we have placed on raising non-toxic capital, limiting dilution, and tightening the cap table, in preparation for ‘Game Day’, have all been arduous parts of that journey. We are truly excited about the products, services, and processes that we have designed, and remain grateful to our stakeholders for all their continued support. We look forward to entering the next phase of our growth initiative.”
Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) is the first company to utilize the Public Accelerator-Incubator (PAI) model, with the intent to follow the global success of accelerators and incubators around the world, adding niche opportunities to both the microcap and startup communities. As a PAI, Digital Asset Monetary Network will develop and acquire innovations that solve problems through digital platforms and other electronic applications.
For investor and general information, please email info@DigitalAMN.com.
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