|By Marketwired .||
|May 7, 2014 11:05 AM EDT||
TAMPA, FLORIDA -- (Marketwired) -- 05/07/14 -- Progress Watch Corporation (PINKSHEETS:PROW) today announced a change in control and management with current President Hans Handl leaving the Company. The three controlling stockholders of the Company have signed an agreement for the sale of their shares to Jackson L. Morris. Concurrent with the signing, Mr. Morris has been elected as the sole director of the Company effective immediately and will serve as its Chief Executive Officer.
Mr. Morris has served as securities counsel to the Company since 2011. Mr. Morris is engaged in the private practice of law with offices in Tampa, Florida. He has served as general, corporate or securities counsel for a number of publicly traded companies beginning in 1975. Mr. Morris will continue his law practice while serving as the Company's management.
"I see a number of tremendous opportunities for us in moving the company forward while focusing on building the value of Progress Watch on behalf of our loyal shareholder base," said Mr. Morris. "We plan to follow through with the news we have recently announced and to continue updating shareholders as we move forward on a number of fronts which we anticipate will be significant."
At the date of this release, the Company has 60,319,793 shares of common stock issued and outstanding, with a judgment held by Briken LLC under Section 3(a)(10) of the Securities Act of 1933 to issue a remaining balance of 18,203,523 shares and limiting Briken to not more than 9.9 percent of the Company's common stock at any time.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact, regarding the intent, belief and expectations of the Company and its management with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.
Jackson L. Morris
Chief Executive Officer
Only information that is publicly available will be provided