Advanced Lighting Solutions, Inc. Announces Key Corporate Updates
Spring, TX (PRWEB) January 30, 2015 -- Advanced Lighting Solutions, Inc. (OTCBB: AVLS) ("the company") is pleased to announce that its board of directors have concluded negotiations with Pacific Park Investments, LLC to return 30 ("thirty") million freely tradable shares to the company's treasury, which were issued and outstanding since 2010 and 2011. This action marks the beginning of Advanced Lighting Solutions restructuring, acquisitions, and transparency plan for the upcoming fiscal year, 2015. The company will report this corporate action, which effectively eliminates all debt from its balance sheet and substantially reduces the current float and outstanding shares, to its newly appointed stock transfer agent, Pacific Stock Transfer. This will also be reflected as a securities change on the company's upcoming financials and disclosures statement with the OTC Markets Group.
President and CEO of Advanced Lighting Solutions, Inc. James Morgan said "We are pleased to have come to terms with the senior management at Pacific Park Investments to return 30 million shares of common stock back to the Advanced Lighting Solutions treasury. PPI has been a long standing partner and supporter of AVLS and its management. We are continuing to negotiate terms to restructure for the continued growth and advancement of AVLS." The stock share restructuring will be updated to reflect a recalculated 'Issued & Outstanding' and 'Float' of 140,387,000 and 17,252,500 respectively, in line with the company's Fiscal Year 2015 restructuring, acquisitions, and transparency plan. The company will continue to release details concerning the aforementioned initiative(s) in the coming weeks.
As mentioned above, the company has appointed Pacific Stock Transfer as its new stock transfer agent of record. Pacific Stock Transfer, a leading stock transfer agent whom offers a complete range of stock transfer services, will take the place of Holladay Stock Transfer, which had served Advanced Lighting Solutions, Inc. for the past twelve years. This change has been completed and will not alter the trading of, or any transactions in, the company's stock.
Commenting on the change of transfer agents, Mr. Morgan stated, "We are pleased to appoint Pacific Stock Transfer as our transfer agent moving forward, their firm will offer our shareholders state of the art services as we continue to grow and advance in our market requirements."
Advanced Lighting Solutions, Inc. has also recently been upgraded to OTC Pink Sheet 'Current' filing status by the OTC Markets Group. This comes after the company filed updated and audited financial statements and disclosures, which included but was not limited to all annual financial statements since inception, quarterly and annual reports through the most recent fiscal year 2014, and a signed attorney letter attesting to the disclosures.
"We are pleased to reach the first plateau with the OTC Markets Group, by becoming Pink Sheet 'Current'." Mr. Morgan continued, "We are currently in the next phase of our 'Transparency Advancement' by hiring an outside accounting firm to audit our financials so that we may advance to the OTCQB shortly."
The 'Current' information category is based on the high level of disclosure and transparency that companies must follow by making filings publicly available and adhering to the International Reporting Standard or the Alternative Reporting Standard through the OTC Disclosure & News Service pursuant to OTC Pink Basic Disclosure Guidelines.
About Advanced Lighting Solutions, Inc.
Advanced Lighting Solutions, Inc. is a real estate development company, which engages in developing various types of real estate in Houston, including but not limited to commercial and multi-family residential real estate. It is a collective of Houston's top contractors, builders, and real estate experts who united to make the areas preeminent leader in real estate investing. By conjoining the development of higher end properties with the rehabbing of lower income development properties, Advanced Lighting Solutions, Inc. is able to secure superior returns for its investors across the board. It also acquires and develops land, as well as builds, markets, and sells custom homes. Advanced Lighting Solutions, Inc. was incorporated in 1977 and is based in Spring, Texas.
Safe Harbor statement
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements.Advanced Lighting Solutions, Inc. encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at http://www.sec.gov. Statements released by Advanced Lighting Solutions, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Media and Investor Contact:
Mr. James Morgan
President and CEO
Advanced Lighting Solutions, Inc.
Source: Advanced Lighting Solutions, Inc.
James Morgan, Advanced Lighting Solutions, Inc, +1 (214) 799-0542, [email protected]
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