Black Bird Biotech Management Affirms Long-Term Commitment and Exchanges One-Third, or More Than 120 Million, of Outstanding Common Shares for Preferred Shares
FLOWER MOUND, TX/ACCESSWIRE/August 15, 2022/ Black Bird Biotech, Inc. (OTC PINK:BBBT), manufacturer and distributor of herbal MiteXstreamMT biopesticide, announced that its board members have agreed to exchange a total of nearly 124 million shares, or approximately 36%, of the company’s outstanding common stock for shares of a new stock Series A Preferred Share. All transactions are expected to close by August 19, 2022, two of which, representing approximately 99 million common shares, are expected to close today, August 15, 2022.
Announcing these actions, the Company’s President, Fabian Deneault, said: “We have invested four years in our MiteXstreamMT Mission and we’ll gladly invest it again, and more, if that’s what it takes to establish MiteXstreamMT as the globally recognized breakthrough biopesticide we know it is. Our actions reaffirm our team’s commitment to this mission, on the one hand, and, on the other hand, our commitment to take decisive action that we believe will minimize dilution for our shareholders in the long term, especially more than the MiteXstreamMT the message is gaining ground. The dynamic quality of MiteXstreamMT requires these commitments.”
Bill LoBell, the company’s executive vice president of sales, added, “For Fabian, two recent sales of MiteXstreamMT illustrate the “ah-hah” moments that occur. About a month ago a customer in a small town in Oklahoma purchased a gallon of MiteXstreamMT through our online store. Considering the shipping time, this customer purchased an additional three gallons last week after only two and a half or three weeks. Clearly, MiteXstreamMT did the job as advertised. And, we remain excited to show off MiteXstreamMT at the 2022 Cannabis Conference in Las Vegas later this month.”
Holders of Series A Preferred Shares of the Company possess, as a class, control of the voting rights of the Company and have the right to convert their Series A Preferred Shares back into Common Shares at any time. More information about the Series A Preferred Shares and their issuance is available on the company’s SEC EDGAR page.
For news and updates, shareholders, potential investors and potential business partners are encouraged to follow @BBBT_Corporate on Twitter and @BlackBirdBiotech on Instagram. Also visit BBBT’s corporate website, BlackBirdBiotech.com, for more information about the company.
Black Bird Biotech is positioned to tap into market segments with powerful and reinvented biotech products. Its EPA-registered biopesticide, MiteXstreamMTeradicates mites and similar pests including spider mites (a deadly pest of cannabis, grapes, hops, coffee, strawberries and many other agricultural crops) and eliminates molds and mildews. MiteXstreamMT is a pesticide, but it’s not a poison – it’s a reinvented pesticide. The MiteXstreamMT Advantage: Use throughout the harvest day without worrying about residual “pesticide” violations, including state cannabis testing. MiteXstreamMT is the cornerstone of the business that holds vast potential worldwide as a highly effective, safe and extremely cost-effective substitute for many traditional “toxic” pesticides.
This press release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. contained in this press release that are forward-looking statements are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including, but not limited to, products sold or cash flow from operations.
Actual results could differ from those projected in the forward-looking statements due to many factors. These factors include, among others, the inherent uncertainties associated with distribution and the difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this press release, and we undertake no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. Investors should review all information presented here and should also refer to our most recent annual report for our most recently completed fiscal year, our quarterly reports and other periodic reports filed from time to time with the Securities and Exchange Commission.
THE SOURCE: Black Bird Biotech, Inc.
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