LONDON, Jan. 31, 2011 (GLOBE NEWSWIRE) -- Cloud Centric Systems, Inc (PinkSheets:CLDR) announces today that the scheduled reduction in Authorized Share Capital has occurred and the State of Florida and the Transfer Agent have been notified of the change.
David Lovatt, CEO of Cloud Centric, announced in November that the aim was to reduce the Authorized Share Capital by 40% from 5bn to around 3bn. The final figure opted for was 3.5bn and this was enacted today, Monday 31st January 2011. In commenting on the move, David Lovatt stated "we are continuing boldly with our plan to increase shareholder value and, whilst we have a significant mountain to climb, we are continuing to follow through on our promises to the shareholder base..."
Lovatt continued, "…we were aiming for 3bn, but we weren't able to sufficiently raise the share price enough to achieve the capital aims and stick rigidly to that figure. It is in no-one's interest to under fund the business at this key stage. We are monitoring the share price regularly and still have our hearts set on increasing the value ten-fold over the coming days and weeks. This is a key step."
When asked about the VizualMobile development project he had this to say "…we are very nearly there. I've seen fully working product on various handsets and in various environments and I am blown away by what the development team has been able to achieve. I predict a very successful launch on time and to budget as of March 31st 2011."
Cloud Centric Systems, Inc is currently at Limited Information Status with otcmarkets.com and the company still has the ambition to become Current Information Tier during this quarter of 2011. The financials are ready to file and the disclosure document is in final draft stage. On this subject, Lovatt stated that "The attorney is pawing over the documents as we speak to ensure we give full disclosure to the markets…"
Over the past three months, the Officers of the company have returned their entire Common Stock holding and the company has announced some very impressive Sales wins. See the company website for more information on these announcements.
About Cloud Centric Systems:
Cloud Centric Systems specializes in cloud based technologies that use the Internet to deliver business critical applications via a global network of partners. Cloud Centric Systems plans to grow via strategic acquisition over the coming 12 months as well as strong sales through its subsidiaries, Cloud Centric Systems (UK) ltd and VizualMobile Ltd.
For more information, please visit
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
CONTACT: Investor Relations 1 347 404 5346