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Business Editors ROCHESTER, N.Y.--(BUSINESS WIRE)--TIDC-- Total Identity Corp. ("TIC") (OTCBB:TIDC) announced today that it is canceling all of the outstanding series "A" Preferred stock and a total of 1,050,000 shares of Common stock representing 6.5% of TIDC's issued and outstanding Common Shares. The series "A" and 800,000 shares of Common stock are part of a settlement agreement that was entered into between the Company and Scott Siegel on May 13, 2004. Mr. Siegel had entered into a Stock Purchase Agreement ("SPA") on February 21, 2003 with the Company and its former Directors to purchase all of the series "A" Preferred and 1,050,000 of the Company's Common Shares. The Agreement canceled the SPA that was originally entered into and the Company was able to cancel 800,000 shares of its outstanding Common Shares and cancel all of its series "A" Preferred shares. Although the Series A was not convertible, each share of the series "A" held 10-1 voting rights. The remaining 250,000 Common Shares that Mr. Siegel still possesses is subject to a six month lock-up period or until the post effective date of a future registration statement to be filed by the Company for financing, which ever occurs first. After the six month lock-up period 50,000 shares will be released per month. Upon signing the Agreement Mr. Siegel also resigned as a Board member. This clears up the dispute regarding stock ownership outlined in the recent 2003 10K-SB the Company recently filed. An additional 250,000 Common Shares are being cancelled from the stock issued in connection with the Hi*Tech transaction the Company mutually rescinded with Hi*Tech. TIC felt that although there was a market for the product that its resources were better spent on improving profitability at the TIS plant in Rochester. Matthew Dwyer, president of TIC, stated: "The recent cancellation of shares will help increase shareholder value and give all the shareholders an equal vote regarding company matters. This is one of many steps the Board has been working on to help position the Company for its future goal of being a listed security." About TIC TIC is developing opportunities within the $13 billion signage industry with the goal of becoming the place for corporate America to go for their custom sign needs. TIC initial plans are to acquire various plants located on the Eastern seaboard, giving TIC a strong presence along the East Coast through the Midwest. TIC is looking at various sign companies that will enable TIC to absorb their operations within its existing plant which has the capacity to generate $40 million a year in revenues by adding additional shifts. Certain information contained in this news release may include 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. While these statements are made to convey the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Actual company results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. A more extensive listing of risks and factors that may affect the business prospects of the company and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. KEYWORD: NEW YORK FLORIDA INDUSTRY KEYWORD: ADVERTISING/MARKETING ADVERTISING/MARKETING SOURCE: Total Identity Corp. CONTACT INFORMATION: Total Identity Corp., Rochester Matthew Dwyer, 585/427-9050 www.totalidentity.com

Posts: 290 | Registered: Dec 2003  |  IP: Logged | 

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Thank You All. May be is me who doesn't get a lot of attention on this board. lol
Tx.

Posts: 290 | Registered: Dec 2003  |  IP: Logged |