Michael James Enterprises, Inc. (OTCQB: MJTV) is engaged in the development and marketing of skin care and beauty products. The personal care company saw shares soar 43.94% on Thursday, December 22, 2016. Over the past three months, Michael James Enterprises, Inc. has seen average daily volume of 18,315 shares. However, volume of 514,716 shares or dollar volume of $46,324, has already exchanged hands early Thursday.

Michael James Enterprises, Inc. is soaring Thursday, after the company announced that it will be reducing outstanding shares by 42%, retiring 9 million shares. In addition, the company plans to retire an additional 750,000 shares in early first quarter 2017. Here is the full press release detailing of the share reduction:

Michael James Enterprises, Inc. Press Release:

WHIPPANY, NJ–(Marketwired – Dec 22, 2016) – Michael James Enterprises, Inc. ( OTCQB : MJTV ), is extremely pleased to report that the company is retiring 9,000,000 shares from its current outstanding which will lead to approximately a 42% reduction in the number of shares outstanding. The company also intends to retire an additional 750,000 shares at some point in the early part of the first quarter of 2017.

The 9 million shares being retired are shares that were acquired by the current CEO, James M. Farinella, when became Chairman and CEO. The additional 750,000 that will be cancelled were issued to a consultant that was unable to perform the designated services. MJTV is very diligent to make sure that not only are services to be performed, but performed with specific deliverables. Protection of MJTV and the building of shareholder value is priority number one.

Michael James Enterprises, Inc. CEO, James M. Farinella stated, “So often companies raise money and dilute the share structure of a company. I am taking this action because I want the public to know that we take the capital structure very seriously. With our first product LUNA hitting the market as we speak, with sales already starting, and Voluptas planned for launch in the near future we are poised for explosive growth and I want to make sure that translates into greater shareholder valuations now and in the future.”

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