CYBER ENVIRO-TECH, INC. SCOTTSDALE, Ariz., Jan. 25, 2024 /PRNewswire/ -- Cyber Enviro-Tech, Inc. (OTC Pink: CETI)
CETI is pleased to announce a strategic development in its share structure, as the top three shareholders have collectively decided to cancel fifty million shares of common stock. In lieu of these common shares, 16,667 Series "A" Convertible Preferred Stock shares have been issued. This significant decision has been undertaken by key stakeholders, including Kim D. Southworth, CEO (20,000,000 shares), TJ Agardy, President (20,000,000 shares), and Chris Ivey (10,000,000 shares).
Notably, this transition maintains the equivalent voting power for the affected shareholders, while introducing a two-year restriction on converting the preferred shares back into common stock. Kim D. Southworth, co-founder and CEO of CETI, expressed his confidence in the company's future and the positive impact this reduction in outstanding common shares may have on shareholders. He stated, "We are grateful for the numerous investors who have supported CETI. This reduction in shares is anticipated to enhance shareholder valuation in the market. The major shareholders, including myself, are optimistic about the Company's future growth and are willing to defer the benefits into the future."
In a related development, CETI recently disclosed that it made significant strides in the development of its reservoir enhancement technologies. The purpose of this technology is to increase oil production and reduce lift costs on its Pilot oil field located in north central Texas. As noted in that press release, this field has geologically estimated recoverable reserves of 45 million barrels of oil. With the current market value of oil at $70 per barrel, this represents a potential gross revenue of over $3 billion. These announcements underscore the promising trajectory of CETI, the confidence of its major shareholders and its commitment to delivering long-term value to its investors.
ABOUT CYBER ENVIRO-TECH, INC. CETI is an environmentally driven aggregator of Water Science Technologies to make water usage & consumption safer, more efficient, and less expensive. Our initial emphasis is on the oil and gas industry. The Company can remediate a wide range of water contamination issues generated by the production of oil & gas. The Company also employs innovative, proprietary equipment and processes for increased oil production. We do this by applying 4th Industrial Revolution technologies to greatly simplify the mechanics of oil extraction while reducing labor, and water truck usage, optimizing oil recovery, plus the ability to monitor activity with instant data and metrics.
FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals and commercialization of the Company's products, or any of the Company's proposed services, systems, services, licensing arrangements, joint ventures, partnerships or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company's development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's general failure to effectively implement the Company's business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.
CONTACT:
Winston McKellar,
Dir of IR/PR
Cyber Enviro-Tech, Inc.
6991 E. Camelback Rd., Suite D-300
Scottsdale, AZ 85251
866.687.6856
Email: info@cyberenviro.tech
www.cyberenviro.tech
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SOURCE Cyber Enviro-Tech
