Harold Fischer, CEO of Florida-based North American Liability Group, announced that its two principal shareholders of the company have agreed to retire shares of common stock of the company in exchange for Series B Preferred Shares.
Specifically, the company has retired 158,000,000 shares of its common stock and in return, issued 50,000,000 shares of Series B Preferred Stock. As previously reported, the preferred shares cannot be converted into common stock prior to Sept. 1, 2005.
Fischer stated, “This is a positive step forward in improving the company’s overall capital structure.”
NALG is an insurance processing company that integrates universally compatible applications and infrastructure to manage and process insurance applications, claims and settlements.
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