NEW YORK, NY / ACCESSWIRE / April 20, 2020 / Toron Inc. (OTC PINK:TRON), is a Nevada corporation that has recently changed its corporate focus to acquire brands that provide disruptive technology for mobile device and for telecommunications and fintech services & solutions, internet, mobile analytics & apps and billing service platforms. The Company is currently developing applications and partnerships with distribution companies for strategic growth of owned and partner brands.
Toron Inc. gives Notice of Material Events taking place within its corporate structure. On December 16, 2019, Mr. Massimo Travagli was issued 2,500,000 shares of Series A Preferred Shares in exchange of the execution and completion of transactions with certain of his controlled corporate entities which commenced in July 2019. Each Series A Preferred Share that is issued and outstanding has voting rights equal to 500 common shares. As a result, the issuance of the aforementioned Series A Preferred Shares resulted in a change in control of the Company. Subsequently, on January 9, 2020, Renato de Campos Gloria Braga resigned his positions as Chief Financial Officer of the Company, and Mr. Massimo Travagli accepted the appointment of Chief Financial Officer.
The Company has filed an application with FINRA to change the name of the Company, complete a 200 to 1 reverse split (for every 200 common shares that are issued, the shareholder will receive one new common share), and to obtain a new symbol for the Company. The Company has decided to change its name to more accurately reflect the business it is currently engaged in, and to effect a split of the issued and outstanding shares to eliminate dilutive shares issued in prior periods where adequate consideration has been difficult to ascertain and to provide legitimate shareholders and investors share ownership commensurate with the value of their investments and/or assets being acquired.
None of the previous management or current 5% (or more) owners of Common Shares of the Company, other than our CFO, Mr. Travagli, are in a position to influence or control the actions of the Company. Current management is moving forward with its plans to complete the above-referenced corporate actions and acquire additional operating business targets.
The FINRA application has not yet been processed; the application is under review with FINRA and we hope to hear soon the status of the application.
Aside from the recently completed acquisition agreements relative to our first project acquisition from Mr. Travagli, we are currently in discussions with an identified corporate entity to engage in a multistage acquisition. Further, management expects to engage in discussions with more target companies in the upcoming weeks and months to acquire complementary business operations that will fit seamlessly into the business model currently being followed by our new management, and expand the Company's footprint globally.
Attached to this Notice of Material Events is a press release which has also been published as of today's date with respect to the aforementioned events.
FINANCIAL STATEMENTS
The Company's Annual Information and Disclosure Statement including Unaudited Management Prepared Financial Statements are due on April 30, 2020; the Company will be filing these on or before that date.
REVERSE SPLIT
Toron Inc. announced that on January 17, 2020, its Board of Directors, along with the written consent of its majority shareholder, approved a reverse stock split of the Company's issued and outstanding common shares at a ratio of 200 to 1; i.e. for every 200 shares of issued and outstanding common stock, the shareholder shall receive 1 new share of common stock.
The reverse share split will uniformly affect all issued and outstanding TRON common shares. No fractional shares will be issued in connection with the reverse share split and the Company will round up any fractional shares resulting from the reverse split. The par value of TRON common shares will remain unchanged at $0.001 per share following the reverse share split. The number of authorized, and issued and outstanding shares of preferred stock will not be affected by the reverse split.
NAME CHANGE
Toron Inc. concurrently changed its name to All Things Mobile Analytic, Inc. ( A.T.M.A ) in order to more accurately reflect its branding, and future business plans. Although the Company has filed the change of name with the State of Nevada, and the State has returned a filed, State stamped document to the Company. Toron is waiting for FINRA to process its application before using the new name.
COVID-19 Pandemic: The recent COVID-19 pandemic could have an adverse impact on the Company going forward. COVID-19 has caused significant disruptions to the global financial markets, which severely impacts the Company's ability to raise additional capital and to pursue certain contracts. The Company may be required to substantially reduce operations or cease operations if it is unable to finance our operations. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report, and is highly uncertain and subject to change. Management is actively monitoring the situation but given the daily evolution of the COVID-19 outbreak, the Company is not able to estimate the effects of the COVID-19 outbreak on its operations or financial condition in the next 12 months.
Forward-Looking-Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. These statements are not guaranties of future performance, and actual results may differ materially from those forecasted.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending," and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.
Company Telephone: (888) 350-4660 Ext. 8
Company only Website: https://tronusa.us
Company Email: [email protected]
SOURCE OF TORON INC. ( TRON- Nasdaq OTC- Pink ) Massimo Meneghello, President
SOURCE: Toron, Inc.