Palomar Enterprises to Retire 350 Million Shares of Common Stock to Treasury Wednesday July 25, 10:00 am ET
CARLSBAD, Calif., July 25 /PRNewswire-FirstCall/ -- Steve Bonenberger, CEO and President of Palomar Enterprises, Inc. (OTC Bulletin Board: PLMA - News), today announced that the Company will retire more than half of the current number of shares outstanding of the common stock of Palomar Enterprises. 350 million shares of common stock will be converted to preferred stock and returned to treasury. This will reduce Palomar's number of outstanding shares from approximately 536 million to 186 million, a reduction of 65 percent.
ADVERTISEMENT "We decided that it would be in the best interest of our shareholders as well as our Company to convert 350 million common shares to preferred and retire it to treasury. We also thought it best that in times that most companies are diluting their stock, we would take this opportunity to get as many shares off the street as possible. Additionally, we are looking at other measures to reduce the number of shares that we have outstanding and will implement those methods at our earliest opportunity. We want to show our shareholders that we are serious about growing our Company as well as our stock price," commented Steve Bonenberger, CEO and President of Palomar Enterprises.
If anyone has any questions, please feel free to email Brent Fouch, COO of Palomar Enterprises at brent*palomarenterprises.com. Mr. Fouch will be more than happy to explain Palomar's strategy.
From time to time, the Company may issue news releases that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be "forward-looking statements." "Forward-looking statements" are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.