Southern ITS International, Inc. Is Announcing a Reduction in Authorized Common Shares & Its Continued Successful Bus. Plan E...
April 09 2014 - 8:00AM
Marketwired
Southern ITS International, Inc. Is Announcing a Reduction in
Authorized Common Shares and Its Continued Successful Business Plan
Execution
LAS VEGAS, NV--(Marketwired - Apr 9, 2014) - Southern ITS
International, Inc. (PINKSHEETS: SITS) announced today that it has
filed with the Secretary of State of Nevada for the reduction of
its authorized common shares from 500,000,000 to 250,000,000,
thereby reducing its authorized common shares by half. SITS has
also reduced is total issued shares from 188,217,382 to
168,217,382, which is a reduction of 20 million common shares. SITS
is still planning to start to buy back some of its float during the
second and third quarters of this year.
SITS' business strategy of diversification is now beginning to
show some results with the signing of a joint venture agreement
with the Pacific Consulting Services, LLC, "PCS" corporation, for
the installation of enterprise class video surveillance systems for
a fortune 500 corporation specializing in the retail industry with
over $100 billion dollars in revenues. Our first integration
contract for the required equipment and installations will start
before the end of April 2014. At this time we can only provide
limited information, but more details will be discloses before the
end of Q2.
Jason Bell, Vice-President of Southern ITS International, Inc.,
noted, "This is very exciting since we worked hard to develop a
unique solution to large retail stores which is reliable and cost
effective. The joint venture with PCS allows us to provide such
unique solution. For more details on this unique solution please
visit our web site at
http://www.southern-its.com/solutions-2/shield-intelligent-surveillance/.
We will provide the investors with additional information as soon
as the client's legal department allows us to release some
information."
Sylvain Desrosiers, Chairman and Interim CEO, noted, "SITS is on
course to realize its forecasted objectives. Additionally, we are
pleased with the progress we are making with our ankle bracelets
solutions service. We are planning two separate trials with 2
different states over the next 4 to 6 weeks. These trials will
bring significant orders for SITS as a complete solution provider
for monitoring offenders."
About Southern ITS International, Inc. Southern ITS
International, Inc. is committed to the mission of providing total
systems integration projects by maintaining cost effectiveness
while providing high end voice, data, surveillance and audio/visual
systems. We are represented throughout the world by leading
individuals within the digital surveillance and IT integration
industry. We are providing digital video recording solutions and
integrating our technological solutions with other existing
systems, which results in a significant capital savings and lower
TCO for our clients. Southern ITS International is positioning
itself to be a leading force in this business space.
Precautionary and Forward-Looking Statements This release
contains "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or
"projected."
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