Diamond Announces Board and Structural Changes to GoProfit.com.TEMPE, Ariz.--(BUSINESS WIRE)--Nov. 19, 1999--
Diamond Equities Inc. (OTC OTC
See over-the-counter market (OTC). BB: DDEQ) Friday announced that it has received proxy voting Proxy voting is the delegation to another member of a voting body of that member's power to vote in his absence. It is essentially synonymous to delegated voting.
Proxy voting is commonly used in corporations for voting by members or shareholders, because it allows members power from other shareholders of GoProfit.com Inc. to give Diamond voting majority of GoProfit.
Diamond itself currently holds approximately 37 percent of GoProfit's total issued and outstanding common stock. In a written consent of shareholders, the majority voted to make changes to the board of directors of GoProfit.com Inc. and to change the direction of the company.
GoProfit has been delayed in securing an underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite)
UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. for their IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , which has delayed the progress of GoProfit's registration with the SEC and has detracted the attention of management in keeping up with the implementation of new features on the GoProfit web site.
Therefore, at the request of the shareholders, the board of directors and the executive officers of GoProfit resigned their positions and were replaced by a sole director and attorney, William T. Heywood. Key employees were asked to take a short vacation break while the new direction of the company is planned.
The GoProfit web site will temporarily be taken down, which is necessary for remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure.
bone remodeling and to implement the new features of real time quotes, profittalk and multilingual mul·ti·lin·gual
1. Of, including, or expressed in several languages: a multilingual dictionary.
2. menu functions. The site will then re-launch in February of 2000, in conjunction with the projected effective date of GoProfit's SB-2 filing with the SEC.
GoProfit intends to file its SB-2 registration statement by Dec. 15, 1999, thus registering its stock so the dividend of GoProfit stock to Diamond shareholders may be issued upon the later effectiveness of the registration statement. GoProfit will then offer a new issuance of its stock to investors or the public.
From time to time, the Diamond Equities Inc. may issue forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended.
Actual results could differ and a forward-looking statement should be considered accordingly.
For more in formation, contact David Westfere, president, Diamond Equities Inc. 602/462-5900.