Market Central, a provider of data management services and applications that recently relocated its headquarters to Charlotte from Jacksonville, NC, has reduced the number of outstanding shares and reorganized its debt.
Market Central (OTCBB: MKTE) said Wednesday that its two largest shareholders would give up 5.9 million shares of common stock — some 45 percent of the outstanding shares — in exchange for preferred stock and debt.
William Goldstein and Glenn Hammer, the firm’s two largest shareholders, receive $1.3 million in preferred stock. Also, Hammer is substituting himself as the lender to Market Central for $1.25 million in debt currently owed to Bank of America, the company said.
Both men also resigned from the company’s board.
“We agreed to this transaction to provide a catalyst for growth and help assist management with its goals,” Goldstein said in a statement. “We strongly believe in the strength of MKTE’s technology and the strategic vision that has been formulated by (CEO) Doyal Bryant and his management team. This transaction will benefit all shareholders and give current management more flexibility to attract strategic partners and board members to expedite the commercialization of the technology and assist in the execution of MKTE’s overall business strategy.”
Market Central: www.marketcentral.com