Golden Eagle International Inc. Announces Name Change to Advantego Corporation; Makes Capital Structure Upgrades
IRVINE, CA / ACCESSWIRE / January 31, 2018 / Golden Eagle International Inc. (OTC PINK: MYNG) today announced a name change to Advantego Corporation at a special shareholders meeting. In addition, the Company voted to reverse its common stock 1-for-11 to 15,496,848 shares outstanding.
Voters also cancelled the Company’s Series A, C and D Preferred Shares; and amended its 240,000 Series B Preferred Shares to change the conversion rate to one share of Preferred to one share of Common as well as reducing voting rights to one vote per Preferred from 250 votes.
These actions were taken in wake of the Company’s recent updating in its financial reporting to the Securities & Exchange Commission through the third quarter, nine months ended September 30, 2017.
“We are pleased to finally have both the name change and an appropriate associated capital structure reorganization finalized along with the updated financials on all reporting channels to illustrate our transition from a former mining venture to providing elite software and digital marketing solutions to select industries,” according to Robert W. (Rob) Ferguson, Chairman of the Board of Directors and Chief Executive Officer.
“We will now apply for a new stock trading symbol more appropriate to our new name and scope of operations, which will complete the transition process,” Ferguson added.
Ferguson also listed other objectives:
Internal record-keeping and update schedule with outside accountants to ensure timely audited financial reporting (within 90 days of the closing of fiscal 2017 on December 31, 2017) to the SEC;
Update contact information on more than 1,100 shareholders to streamline written and electronic investor communications;
Technologies Inc. (the operating subsidiary of the Company) and the severing of all relations to mining activities and personnel; and
Work with financial news organization to recognize the current work at Advantego Finalize certain agreements currently in progress to provide newly developed products and services to commence in early 2018.
Company historical evolution:
The Company was formed as a Colorado corporation on July 21, 1988 as Beneficial Capital Financial Services Corp.
In 1995, the Company changed its name to Golden Eagle International, Inc.
In 2004, the Company entered the mining business and purchased a 3,500 to 4,500 ton-per-day Gold Bar mill which is located 25 miles northwest of Eureka, Nevada.
In 2016, the Company agreed to dispose of its mining operations and acquired Advantego Technologies, Inc. and changed its business focus from mining operations to providing enterprise software and digital marketing solutions.
All mining related assets and liabilities of Golden Eagle International, Inc. were spun off into a new corporation (Quove); and there are now no ongoing affiliations connecting Golden Eagle International, Inc. with is forming mining operations.
Shareholders of record as of October 27, 2016 retained the rights to their shares in Golden Eagle International, Inc. and received an equivalent number of shares in the mining spin-off.
Advantego Technologies, Inc., the operating subsidiary of Advantego Corporation, plans to provide a suite of elite software services for businesses including digital communications, content management, social media marketing and other products utilizing its proprietary “Intelligent Solutions Platform.”
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
SOURCE: Golden Eagle International Inc.