Worlds Finalizes Settlement With Investor Group, Retains Chardan Capital
BOSTON, MA -- (Marketwired) -- 07/22/13 -- Worlds Inc. (OTCBB: WDDD) received a majority of shareholder votes at its annual shareholder meeting on July 18th in support of Worlds' recent request to increase its authorized shares of common stock from 100 million to 150 million shares, as well as authorization for a reverse split for a potential senior market up-listing. Details in SEC Filing DEF 14A on SEC.gov.
As part of its efforts to achieve listing on a senior exchange, Worlds also formally entered into a representation agreement with Chardan Capital Markets to provide financial advisement services.
Mr. Thom Kidrin, Worlds' President and CEO, stated, "Shareholder approval of these matters enables us to move forward with the next steps to apply and qualify to be listed on NASDAQ or another senior exchange. We believe that Chardan Capital's experience with companies specializing in IP and their track record in assisting companies to successfully up-list to major exchanges makes them an ideal fit for Worlds."
World has finalized a restructure of financing terms with its strategic lenders, completing the plans that were announced previously. The restructuring has removed significant debt from Worlds' balance sheet and greatly reduces convertible securities, thereby avoiding potential dilution. Details in 8-K dated 07-16-2013 on www.SEC.gov.
Mr. Kidrin added, "Our lenders are now long term shareholders and I believe this is a very positive development for Worlds' shareholders. We are now focused on the upcoming Markman hearing August 22 on our patent infringement lawsuit against Activision (ATVI) Blizzard et al, and look forward to a favorable outcome."
About Worlds Inc.:
Worlds Inc. (f.k.a.Worlds.com Inc.) was founded in 1994 and has developed patented 3D technology which offers 3D multi-user environments, known as "virtual worlds," that have interactive Avatars, rich media graphics, text chat, voice-to-voice chat, video and e-commerce. The 3D communities allow visitors to interact with each other, teleport throughout the Worlds environment as well as participate in shared experiences. Besides partnering with existing content providers that have strong brands and an existing following, Worlds also encourages individuals to create their own virtual spaces, communities and unique Avatars with easy-to-use tools.
Forward Looking Statements
This release contains certain forward-looking statements and information relating to Worlds Inc. that are based on the beliefs of Worlds' management, as well as assumptions made based upon information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the economic environment and changes in technology. Additional risk factors are included in the Company's public filings with the SEC (SCUR). Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "estimated," "should," "preparing," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements.
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Source: Worlds Inc.