Quantum Bit Induction Technology Partners to Complete Share Conversion Dropping Outstanding Shares by 98%
December 17 2010 - 12:20PM
Marketwired
Quantum Bit Induction Technology (PINKSHEETS: QBII) proudly
announces that the QBIT Investment Fund, LP (QBIT Fund) has
converted 2.425 billion shares of Quantum Bit Induction Technology,
Inc. (Quantum Bit) (PINKSHEETS: QBII) to Class B shares of the
company. QBIT Fund submitted the conversion transaction to the
Quantum Bit transfer agent today in response to the recent
reinstatement of conversion privileges from QBII to Class B shares.
QBIT Fund is excited to participate in the technology development
efforts of Quantum Bit and support the overall interest and agenda
of the company. "This conversion will drop the outstanding QBII
shares by approximately 98% to 75 million shares of common stock
and more importantly give QBIT Fund a firm foothold in the
advantages planned and underway for Quantum Bit's Class B
shareholders. We are excited to participate," said Craig Nelson,
president of QBIT Investment Fund, LP's General Partner.
We encourage anyone interested in our work, company, history, or
story to contact us. We welcome informed people as stockholders to
share our future.
Quantum Bit Induction Technology, Inc. is
a Houston-based technology developer of Fusion, Wireless Power
Transmission and Negative Group Delay, specifically how to render
those technologies commercially viable. The Company's common stock
is traded OTC under the symbol "QBII." The Company also issues
Class B Stock which is privately held and does not trade publicly.
More information is available through the company's website. Every
stockholder or interested investor is encouraged to join our
Shareholder's Group hosted by Yahoo! Groups. Important topics
regarding this company are discussed through the Shareholder's
Group.
The foregoing press announcement contains forward-looking
statements that can be identified by such terminology such as
"believes," "expects," "potential," "plans," "suggests," "may,"
"should," "could," "intends," or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by such statements. In
particular, management's expectations could be affected by, among
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
Contact: Mike Skillern President mikes@quantumbit.com
qbitoffice@quantumbit.com