Image Protect Inc. (OTC:IMTL) Stock Surges 50%: What’s the Buzz?

On Monday, the online review and reputation management sector leader Image Protect Inc. (OTC:IMTL) came into focus after it provided some key updates on certain recent developments. The updates had been provided as part of the financial and share structure analysis for the year-end. It could be a good idea for investors to take a look into some of the highlights from the updates shared yesterday.

Image Protect announced that it was working on the cancellation of as many as 294,231,942 shares of its restricted stock in a bid to boost value for shareholders. The decision had been made after a performance contract had been terminated by the previous management since it did not meet the company’s expectations.

The company doubled down on its bid to boost shareholder value through share cancellation after deciding not to increase its count of authorized shares in the foreseeable future. Image Protect noted that it had reached its decision after having gone through a thorough process of deliberation.

It was reiterated yesterday that, as had been previously announced on November 29 this year, that company was working on a range of options for reducing its debts considerably. The intent would be to operate in a no-debt or lowest possible debt scenario.

The interests of the shareholders seemed to be a continued theme in the updates from Image Protect yesterday, as the company revealed that there was no need for a reverse stock split. The company also stated that it had been making considerable progress pertaining to the filing of Form 211. Yesterday, the company revealed that it anticipated it to be concluded in the coming 60 to 90 days. The completion of the aforementioned filing would be important for higher visibility in the markets and more opportunities. The Image Protect management team is committed to the completion of the filing.