BOCA RATON, FL -- (Marketwired) -- 03/17/15 -- Cleartronic, Inc. (OTCQB: CLRI), a technology holding company, announces that it has entered into a new employment agreement with Larry Reid, the Company's Chief Executive Officer. The agreement calls for the cancellation of two billion common shares held by Mr. Reid.
"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," said 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," said Larry Reid, Cleartronic's Chief Executive Officer.
"This share reduction was one of the contingencies of our partnering agreement announced last month with Cleartronic," said 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.
About Cleartronic, Inc.
Cleartronic, Inc. is a technology holding company that creates and acquires operating subsidiaries to develop, manufacture and sell products, services and integrated systems to government agencies and business enterprises, www.cleartronic.com.
About Collabria LLC
Collabria's software suite ReadyOp™ provides government agencies, hospitals, first responders, companies and unified commands with multiple communication capabilities and options in a single, secure platform. ReadyOp is designed to support daily operations, special event planning, incident management and emergency response and recovery. ReadyOp's simple, flexible interface allows users to focus on the response activities by providing multiple communications capabilities with and between responders in multiple organizations, www.collabriasoftware.com.
Safe Harbor Statement:
This press release may include predictions, estimates, opinions or statements that might be considered "forward-looking" under the provisions of the Private Securities Litigation Reform Act of 1995. Such statements generally can be identified by phrases such as Cleartronic or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," or other, similar words or phrases.
Contact:
American Media Group, Inc.
3032 East Commercial Blvd., Suite 18
Ft. Lauderdale, FL 33308
954-513-7911
Source: Cleartronic