Franchise Holdings International, Inc. (OTC Pink: FNHI) is engaged within the manufacturing and distribution of tonneau covers for light trucks. Shares of the tonneau cover maker are rallying 12.83%, through early trading on Monday, September 25, 2017. Over the past month, Franchise Holdings International, Inc. has seen average daily volume of 595,452 shares. However, volume of 901,595 shares or dollar volume of $36,604, has already exchanged hands on the day.
Shares of Franchise Holdings International, Inc. are rallying today, after the company announced that it will retire 100 million shares of common stock and reduce outstanding share count by 45% to 122 million shares. Here is the full press detailing of the retired common stock:
Franchise Holdings International, Inc. Press Release:
TORONTO, ON — (Marketwired) — 09/22/17 — Steven Rossi, CEO of Franchise Holdings International, Inc., the parent company of Truxmart LTD Inc., (OTC PINK: FNHI), an innovative manufacturer of high quality, functional, and aggressively priced tonneau covers for the light truck market, has retired 100,000,000 FNHI common shares, reducing the issued and outstanding shares by approximately 45 percent, from 222,000,000 to 122,000,000 shares. The OTC Markets site should be updated to reflect the new share structure within one week following this announcement.
Rossi characterized this move as “a major step forward.” It should further assist FNHI’s ambitious growth plan and add to its quest to create a sound and debt-free balance sheet. This action comes while management works diligently to file its Form 10-Qs for the first two quarters of 2017. The company expects to be current within the coming weeks.
“We seek to bring our shareholders the best value possible, while maintaining an enviable share structure,” commented Rossi. “This important move, reducing the issued and outstanding shares, further poises the company for growth and expansion, with a stronger capital base.”
The company also expects to announce details of a private placement offering in the near future. To register in advance of the private placement offering, please visit www.investfnhi.com.
About Franchise Holdings International, Inc.
Truxmart, Franchise Holdings International, Inc.’s wholly owned subsidiary, was founded in 2011 to take advantage of the limited innovation provided by existing tonneau cover manufacturers. Tonneau covers have remained much the same in price and design since 2005 with one main company controlling a majority of the tonneau cover market. This dynamic market segment is in need of a new innovative manufacturer of high quality, functional, and aggressively priced tonneau covers. Truxmart has developed multiple products for all of the most prominent pick up trucks available in North America. Details of most products can be found at www.Truxmartcovers.com. Truxmart sells its products through master warehouse distributors, dealers, and online retailers in Canada and the U.S.
Forward-Looking Statements This document may contain forward-looking statements, relating to Franchise Holdings International Inc. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Franchise Holdings Internationals Inc. control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Franchise Holdings International Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.