Earlier this morning, Cleartronic
reported the signing of a new employment agreement with its CEO, Larry Reid. As
part of the agreement, Mr. Reid agreed to cancel two billion of his common
shares.
“These shares were issued several
years ago to protect the Company against an adverse takeover. Mr. Reid has
received a new employment contract and other consideration for the share
reduction. The reduction does not involve any other shareholder nor reduces the
number of shares of any other shareholder,” stated Richard Lackey, a member of
the Company’s Board of Directors. “The share reduction is effective today,
along with the signing of Mr. Reid’s new employment agreement.”
“This share reduction is part of
the Company’s ‘Capitalization Benefit Plan’ announced last October. We are
committed to improving the capital structure of the Company and enhancing
shareholder value. The share reduction, coupled with our new marketing agreement
with Collabria, puts the Company in an excellent position to reward our
shareholders,” commented Larry Reid, Cleartronic’s Chief Executive Officer.
“This share reduction was one of
the contingencies of our partnering agreement announced last month with
Cleartronic,” added Marc Moore, CEO of Collabria LLC and a member of
Cleartronic’s Board of Directors. “The reduction will benefit the Cleartronic
shareholders and provide potential for more significant share value increases
as we increase our marketing efforts through Cleartronic and the new ReadyOp
Communications, Inc. subsidiary.”
Cleartronic also announced
American Media Group, Inc., a public relations and marketing firm will assist
the Company in advertising, broadcasting, and developing its marketing
strategies for its ReadyOp™ platform.
“We are pleased to be a part of a
Company that has a product that can bridge the gap between first responders,
agencies and business alike in times of emergency situations. ReadyOp keeps
these groups in touch. ReadyOp users cut down response time and share
information instantaneously within their own group as well as with other
agencies. Bottom line — ReadyOp saves lives,” said Mick Bazsuly, President of
American Media Group, Inc., “As a newscaster and broadcaster for over 20 years,
I know firsthand how hard it is for police, firefighters and other first
responders to communicate during emergencies. ReadyOp eliminates those gaps and
is a powerful information sharing tool,” Bazsuly added.
American Media Group, Inc. and
its founder have been a force in broadcasting sports, news and talk radio since
1998.
For more information, visit
www.cleartronicinc.com
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