LAS VEGAS--(BUSINESS WIRE)--NanoSensors, Inc. announced today that its majority stockholder has agreed to transfer 500,000,000 shares of its common stock back to the company’s treasury. Terrance Flowers, the company’s Interim Chief Executive Officer and Director, will seek to convey his entire common stock interest to treasury, once issued, in an effort to better facilitate a contemplated asset acquisition or merger with an operating entity. Mr. Flowers will continue to be the majority stockholder of the company by virtue of him holding 5,000,000 shares of the company’s convertible preferred stock.
“In consideration of the fact that any potential acquisition or business combination would likely involve the issuance of additional shares of the company’s common stock, I find this to be a necessary step,” Mr. Flowers stated. He continued, “in the event we are able to identify and negotiate a transaction for NanoSensors, the shares to be returned to treasury may be used in part to effectuate the closing of such deal.” He finished, “I am cognizant of concerns over stockholder dilution as well as the company’s ability to attract strong, viable business opportunities.”
As of the date of this release, Mr. Flowers has not returned the aforementioned shares to the company’s treasury but will seek to do so as soon as practicable. As previously announced, Company management continues to work with NanoSensors' court-appointed custodian to, among other matters, begin publishing current information with OTC Markets. Mr. Flowers continues to evaluate prospective asset acquisition or business combinations, but the company has not entered into any formal agreements with respect to the same.
Statements in this press release that are not historical fact may be deemed 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. Although NanoSensors, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, NanoSensors, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability to identify a suitable business model for the corporation.