iVoice Technology, Inc., d/b/a I GREEN INNOVATIONS, Inc. (OTCBB: IVOT) announced this morning that the company has amended the rights of the holders of its Series A Secured Preferred Stock, effectively removing the right for holders to convert their Preferred Stock into Common Stock. According to the press release, the company has $1.44 million of Preferred Stock issued and outstanding. The company also removed the right for holders of the Preferred Stock to vote their stock as Common Stock.
Jerry Mahoney, Chairman of I GREEN INNOVATIONS, commented, “We have shown that we are committed to maximizing shareholder value for I Green Innovations by removing the last vestige of any potentially dilutive instrument from our balance sheet. We were able to accomplish this by showing our Preferred Stock holders the Company’s potential for the future. Upon review, they agreed to the removal of the convertible feature from the Preferred Stock. This eliminates a massive overhang on the Common Stock, as the Preferred Stock can no longer have an effect upon the number of outstanding Common Stock shares and cannot be dilutive to Common Stock shareholders.”
Mahoney continued, “With our rapidly increasing distribution of our products, our stock buy-back program, and the potential in the market for ‘Green’ opportunities, we believe the Company is in a great position to deliver on its prospects. We are excited about the future, and look forward to making additional announcements on further developments in the coming weeks.”