LAS VEGAS, NV-(August 14, 2014) – Southern ITS International, Inc. (PINKSHEETS SITS), announced a new structure for its common shares. Over the past year SITS has taken a number of steps to enhance shareholder value.
- We have reduced the authorized number of common shares by 50% (from 500,000,000 to 250,000,000); and
- We have reduced our “float” by returning 180,000,000 shares to treasury; and
- In the last 90 days the company bought back 4 million shares from the float and returned those shares to the treasury.
Now the company, in a corporate action accepted by FINRA on August 5th, has implemented a 1 for 50 reverse split. For 20 working days SITS trading symbol will be SITSD and thereafter the trading symbol will go back to SITS.
The company has taken these actions to create a foundation for moving forward in terms of both shareholder value and growth financing.
Our second quarter showed better results than the first quarter. We believe that we will finish our fiscal year (December 31, 2104) with stronger quarter over quarter results. We are implementing a variety of medium to long range plans which will strengthen results over time. We are quoting on larger projects entailing longer sales cycles but with profit returns enhanced by the economics of scale. This month we shipped an additional $100,000 of electronic security equipment to a major retailer and additional shipments are anticipated for Q3 and Q4. In Q2 we completed installation of surveillance equipment in our first federal correctional center contract. We were also awarded two additional contracts for the Evitts Resort in Maryland. They have been a customer since 2013. We have also positioned SITS to be a major player in the new dynamic security market related to Medical Marijuana (MMJ), by offering a variety of monitoring services. In this quarter we are launching a proprietary new security device of our own development addressing cash issues faced by MMJ dispensaries.. A full disclosure press release will be issued on this new equipment in September.
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 a digital video recording solution and integrating our technological solutions with other existing systems, which results in a significant capital savings for our clients. The Company is positioned to be a leading force in this business sector.
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.” You are cautioned that such statements are subject to a multitude or risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company’s disclosures or filings with OTC Markets, Inc. You are further cautioned that stocks of smaller companies like Southern ITS International, Inc. are inherently volatile and risky and that no investor should buy this stock unless they can afford the loss of their entire investment.