CHEYENNE, WY, Aug. 05, 2024 (GLOBE NEWSWIRE) -- ProTek Capital Inc. (OTCPK: “PRPM”) (the “Company”), is excited to announce changes to structure, repair and complete overhaul.
ProTek Capital Inc. has new management according to notarized corporate board resolutions as of June 24, 2024. The company control was signed over to Alexander M. Woods-Leo. As of Monday, July 29, 2024 ProTek Capital Inc. was Reinstated with Wyoming Secretary of State.
The new CEO, Mr. Woods-Leo, states: "The process to negotiate with prior management took many weeks. We ultimately made it clear that the old management was not able to have any stock, debt or any invested interest in PRPM if the deal was to take place. Ultimately, we achieved that goal so that we can have the best chance to total repair. As part of this deal we have an affidavit notarized stating that since June 1, 2022 there was not any shares issued with regards to stock purchases." Mr. Woods-Leo further states, "The company ProTek Capital Inc. and its new management are not in any way contractually associated or affiliated with prior management or prior management's ongoing business. This is a fresh start."
On July 29, 2024 Paragon Square Inc. acquired majority control of ProTek Capital Inc. Simultaneous to closing, ProTek Capital Inc. was paid 3,000,000 Preferred D shares in Paragon Square Inc. The shares of Preferred D have the following preferences:
A. The shares have no Voting Rights
B. The shares are not Convertible
C. The shares have a first rights buyout by Paragon Square Inc. for 2.00 per share.
D. The shares hold a 3% revenue dividend from Paragon Square Inc.
E. The shares are transferable
F. In the event of a liquidation by Paragon Square Inc. Preferred
D. Holders are entitled to 5% of the liquidation
The CEO Mr. Woods-Leo goes on to state, "I run another company that has developed a comprehensive listing platform for goods and services of buyers & sellers. We have been developing the frontend and backend for nearly 9 months and it's almost complete. Currently, users can sign up, and start filling out the required KYC if they wish to list a good or a service while we complete the final updates and timing to launch at www.paragonsquare.ai." Mr. Woods-Leo further states, "The objective of these preferred shares gives the right for ProTek Capital Inc. to generate cashflow, increased balance sheet assets and allow for an easier time to repair and expand."
ProTek Capital Inc.'s new management will be implementing a comprehensive repair plan to bring the company from Expert Market to SEC Reporting. The company understands there is limited time to repair the company's current expert market status. Therefore, the company is currently sorting out the financial statements, receipts, and disclosures to file with OTCMarkets in the interim.
The CEO Mr. Woods-Leo goes on to state, “ProTek Capital Inc. has been badly damaged over the years from insane dilution, and lack of reporting. This company requires a complete overhaul and new perspective. Fortunately, I have the prior experience to fix the company and bring it back to current status. With that said, this process will be a multistage approach. The first stage to complete is saving the listing by becoming pink current, after which point we can file audits and a Reg A+ Tier 2 or s-1 which I also have experience navigating. After the company is SEC reporting PRPM can then engage a market maker to help file a 15c2-11 to regain the market makers.” Mr. Woods-Leo states further, “Currently the company has recently applied for a new CIK number with the sec and filed a Reg D https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002031576&owner=include&count=40 which was done as we were waiting for the reinstatement.”
In line with our committed goal to be transparent the company management purchased the domain www.protekcapital.com which we have expressly used to facilitate information to shareholders and will continue to update as we make progress. Our mission is to create value over time, and management understands this process will take time. However, some results can at least be seen so far in the early stages of cleanup.
New Social Media and Shareholder Engagement
The company ProTek Capital has recently started new social media channels going forward with Twitter and Telegram. Management believes that not only are we seeking to create a presence online through Twitter (https://x.com/PRPM_OTC), Facebook (coming soon), and LinkedIn (Coming soon), but we are also trying to allow for social conversations among shareholders using Telegram (https://t.me/RealProtekCapital).
Share Structure Expectations
ProTek Capital Inc. Management fully understands that shareholders are curious about the intentions with the share structure. The company has no current plan to Reverse Split as we believe this process is not necessary for what we are trying to accomplish. Instead we are heavily invested in the repair of the "status", "reporting", and "filings" that need to take place with regards to being able to function as a public company. This embodies our main objective that will be taking place over the next 12 months. In the interim, we want to express that with limited common shares available to use to raise capital, the company is dependent on management, the Preferred D shares of Paragon Square Inc. and Preferred shares of PRPM to fund the necessary processes. We will not be issuing convertible debt with ProTek Capital Inc. and we have no current plans to increase the Authorized Common stock.
The CEO Mr. Woods-Leo states, "I have never been a fan of Reverse splits, and although I understand that ultimately the company will have to choose a path for complete repair which will eventually include fixing the bloated share structure, I also need to focus on the reporting status, and allow time to see how much money the Preferred D shares of Paragon Square Inc. will return to the company. we have a solid 12 months to determine that. However, my preference is to "merge" a company in or find "subsidiaries" to ProTek Capital Inc. instead of performing a reverse split without an incoming deal to generate value. Ultimately, my personal feelings on this is very clear, I have never performed a reverse split on any Publicly traded companies I have ran because I don't see a need until there is no other pathway."
About ProTek Capital Inc. (PRPM)
ProTek Capital Inc. is a publicly listed company on OTC Markets and a subsidiary to Paragon Square Inc. (www.paragonsquare.ai). The company deals primarily in mergers and acquisitions and financial services applications and functionality.
Safe Harbor Statement:
This release includes "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. Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, and domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.
