TORONTO,
Aug. 3, 2011 /PRNewswire/ - Since
Jonathan Bryant was appointed CEO of 8000 Inc., the agenda has been
to get the company back on track to pursue the business
opportunities that lay ahead. 8000 Inc. has reviewed many
possible solutions to address the current non-trading status of the
company. With shareholders' interests driving the analysis, a
conclusion has been reached that the best way for 8000 Inc. to move
forward is to create a clean slate by acquiring a new trading
vehicle in the form of an existing, fully reporting company.
Such an acquisition is the most expeditious mechanism to enable the
company and its shareholders to move forward and leave the past
behind.
As such, a Stock Purchase Agreement (the
"Agreement") between 8000 Inc. and the President of Fresh Start
Private Holdings, Inc. (FSPH.pk) ("Fresh Start") has been agreed,
reviewed by legal counsel and signed. Under the Agreement,
8000 Inc. shall acquire the controlling interest in Fresh Start.
Fresh Start is a fully reporting corporation that will be eligible
to trade once its 2010 10-K annual report and 10-Q financials are
filed with the SEC for 2011. A condition of the agreement between
8000 Inc. and Fresh Start is that FSPH.pk is made current and
tradable on the pink sheets with a view to a QB or QX quotation on
the OTC Markets. The scheduled closing date of the transaction per
the Agreement is currently set for August
15, 2011.
Once this transaction is completed, Fresh Start
will be a subsidiary of 8000 Inc. and therefore have fresh market
appeal and allow for a new beginning for 8000 Inc. In the future,
the decision may be made to bring EIGH.pk current so the 8000 Inc
may allocate business operations between Fresh Start and 8000,
Inc.
Similar to the previously announced and still valid
voluntary conversion of common to preferred shares of EIGH.pk,
current shareholders of both EIGH.pk and FSPH.pk will have the
option to either voluntarily convert their shares from one to the
other or to retain their current stock. If a conversion is
chosen, the shares shall be converted at a value-for-value ratio
that will be determined at the time of the requested conversion.
Please note that the 8000 Inc will only convert the pro-rata number
of EIGH.pk shares if conversion is requested by an individual
shareholder and upon the physical delivery of a valid
certificate.
A shareholder update with instructions is
forthcoming, in which the detail of the shareholders' individual
actions will be outlined.
8000 Inc.'s CEO, Jonathan
Bryant, says, "This is a great opportunity for the company
and will allow 8000 Inc. to progress so it may realize its
contemplated institutional investment and commence its redefined
business focus. This is a solid way forward and in the best
interests of shareholders and the company."
This news release contains forward-looking
statements that are subject to certain risks and uncertainties that
may cause actual results to differ materially from those projected
on the basis of such forward-looking statements. The words
"estimate," "project," "intends," "expects," "believes," and
similar expressions are intended to identify forward-looking
statements. Such forward-looking statements are made based on
management's beliefs, as well as assumptions made by, and
information currently available to, management pursuant to the
"safe-harbour" provisions of the Private Securities Litigation
Reform Act of 1995. For a more complete description of these and
other risk factors that may affect the future performance of 8000
Inc., see published disclosure documents at www.OTCMarkets.com
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date made
and the Company undertakes no obligation to disclose any revision
to these forward-looking statements to reflect events or
circumstances after the date made or to reflect the occurrence of
unanticipated events.
SOURCE 8000inc.