Sonasoft Corp. (OTCQB: SSFT) completed a 'share rollup' that converts over 178,500,000 shares of its common stock into preferred shares.
FOR IMMEDIATE RELEASE
(As published on Nasdaq GlobeNewswire)
November 6, 2018 - San Jose, California, Sonasoft Corp. (OTCQB: SSFT), a leader in eDiscovery, data archiving, and data migration solutions, is pleased to announce that it has completed a ‘share rollup’ that converts over 178,500,000 shares of its common stock into preferred shares. This action reduces the outstanding share count by approximately 48 percent and leaves the remaining outstanding common share count at approximately 181,500,000.
This initiative was originally announced in February 2018 as part of the Company’s ‘2018 Growth Strategy”, which included this ‘Preferred Stock Initiative’, as well as completing a two-year audit, uplisting to the OTCQB, and completing the acquisition of Cornerstone Technologies. The Company has now completed all these initiatives as planned.
Initially, the Company intended to reduce the outstanding share count by approximately 25 percent. However, that number increased significantly as a majority of large shareholders decided to take a long-term view of their investment as the Company continues to rapidly expand.
“This roll-up will tighten the float of tradable shares, add investment stability, and assure investors that many of the large stakeholders are taking a long-term view,” stated Andy Khanna, CEO of Sonasoft. “Sonasoft is confident that this initiative will attract large institutional investors to infuse capital that will fuel future growth and strategic acquisitions. The rapid growth of 2018 is just the beginning. Investors can expect much more moving forward.”
The share structure was updated on OTC Markets as of October 31, 2018, and can be viewed here:
The Company continues to press forward with its product and professional services offerings in data archiving, eDiscovery, and the development and integration of artificial intelligence (AI) solutions. Sonasoft remains focused on high-growth initiatives to expand operations and deliver maximum value back to shareholders.
Further updates from the Company and its wholly-owned subsidiary, Cornerstone Technologies, can be expected in the coming weeks.
For a no-cost consultation and to learn more about more about the power of SonaVault 6.1 eDiscovery and Email Archiving Solution, visit us here:
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Sonasoft Corporation is a publicly traded corporation and is listed on the OTCQB Market under the trading symbol SSFT (OTCQB:SSFT). Sonasoft is now an AI-first company. The Company intends to integrate artificial intelligence (AI) into the Company’s core business model, which includes enterprise-class archiving, eDiscovery, and business continuity software solutions for Microsoft Business Applications on Microsoft Windows platforms. Sonasoft’s signature products for eDiscovery tools, which include SonaVault 6.1 Email Archiving and eDiscovery Software, as well as SonaVault Email Archiving Appliances, deliver affordable enterprise-level functionality that exceeds compliance and ease-of-use requirements of large and medium-sized businesses, governments, school districts, organizations, and enterprises. The Company also launched SonaSecure, which protects systems from ransomware and other email-based threats as well as provides email continuity services. In addition, Sonasoft offers data export and migration services for competing email archiving solutions. Sonasoft email archiving and eDiscovery solutions have hundreds of deployments with an exceptionally high degree of customer satisfaction. Founded in 2003, the Company is headquartered in San Jose, California.
About Cornerstone Technologies
Based in the heart of Silicon Valley, Cornerstone Technologies, a wholly-owned subsidiary of Sonasoft Corp., is a leading provider of engineering services focused on messaging migrations, identity access management, the modern data center, and managed services solutions, Cornerstone Technologies plays a pivotal role in the transformation of their clients' IT environments. Cornerstone Technologies is a key partner to Microsoft, Dell/EMC, VMware, and TransVault, and the Company has built an impressive customer list across multiple verticals, which include retail, high tech, healthcare, public transportation, and financial services.
For further information about Cornerstone Technologies, please visit:
For more information about Sonasoft’s email archiving solutions and business continuity software, contact:
Phone: (408) 708-4000
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This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.