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[QUOTE]Originally posted by lukin4winners: [QB] News Mar. 12 2007: XTMS -- Xtreme Motorsports of California, Inc. Com ($0.001)(New) COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: Xtreme Motorsports Secures Cancellation of Approximately 47% of Issued and Outstanding Common Stock BAKERSFIELD, CA, Mar 12, 2007 (MARKET WIRE via COMTEX) -- Xtreme Motorsports of California, Inc. (PINKSHEETS: XTMS) ("Xtreme" or the "Company"), in response to shareholder concerns related to dilution, has secured the cancellation of approximately 394 million of the 839 million shares of common stock issued and outstanding. The majority of the cancellations were effectuated on March 9, 2007. Currently, the number of issued and outstanding shares of common stock of the company amounts to approximately 445 million, and is structured as follows: -- Total: 445 million -- Free-trading, Certificated: 330 million -- Free-trading, Electronic (the "Float"): 115 million The Company will be working over the next several weeks to secure cancellation of additional shares as part of its efforts to improve the quoted price per share of Xtreme's common stock. "While we have identified at least four market makers perpetrating significant shorting of our stock, our efforts to cause these groups to cover and improve our quoted price per shares through the issuance of dividends have not had the desired effect," stated Alan McCaa, President and CEO of Xtreme. "By way of this immediate cancellation of a substantial number of our outstanding shares, we are bringing an immediate benefit to shareholders who have purchased stock in the open market -- each now owns 47% more of the company. "As part of this cancellation initiative, I have canceled all of my restricted common stock, amounting to approximately 254 million shares, and now only hold preferred stock in our company. I hope this is indicative of my concern for shareholders, my belief in the operational success of Xtreme and in our future prospects for significant revenues and profitability. "We will continue update shareholders regarding the status of this recapitalization effort, as well as any developments in our naked short selling forensic investigation," McCaa continued. "We also wish to assure shareholders that the company has no plans to further dilute shareholders, other than the distribution of dividends which will take place as previously announced, or increase our authorized capital." [/QB][/QUOTE]
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