Novori, Inc. (NOVO) Board of
Directors Retire 19,000,000 Shares of Insider Common Stock
Wednesday June 20, 9:15 am ET
Stock Retirement Drastically Reduces
Number of Outstanding Shares
BELLINGHAM, WASHINGTON--(MARKET
WIRE)--Jun 20, 2007 -- Novori, Inc. (OTC BB:NOVO.OB - News), announced today that
its Board of Directors has formally convened and has retired 19MM shares of
insider common stock in favor of preferred convertible stock. The insider
common stock will be retired and subsequently reduce the total number of NOVO's
outstanding common shares. The preferred stock will not be trading.
The retirement of common stock will
come strictly from the common stock held by the insiders of Novori, Inc. and
not by its shareholders. The management of Novori, Inc. believes that retiring
currently issued common stock will have the effect of decreasing the number of
shares outstanding, which in turn increases non-affiliate shareholder value.
"In the best interests of our
organization and its shareholders we have elected to provide this enthusiastic
endorsement to reduce the number of outstanding shares available for trading.
We are unswervingly devoted to the longevity of this company and look upon the
retirement of our common stock as a sign of our confidence to the general
public representing our long-term commitment to the growth and success of this
organization," stated Harold Schaffrick, CEO of Novori, Inc.
About Novori Inc.
Founded in 2004, Novori is a leading
online interactive retailer of diamond engagement rings and fine jewelry.
Novori launched their website in 2005 and has built a well respected brand by
providing consumers with superior customer service and a better way to buy
diamond engagement rings. Novori prides itself on the highest quality standards
in the industry and provides consumers with unique online tools to allow
consumers to explore, build and purchase their own custom made diamond rings in
a way not previously offered by traditional retailers. The Novori.com web site
offers thousands of independently certified diamonds, settings and fine jewelry
at prices significantly below traditional retail. Novori's shares are traded on
the Over the Counter market (OTCBB) under the symbol NOVO.
Forward-Looking Statements
Except for the historical
information contained herein, the matters discussed in this press release are
forward-looking statements. Such statements are indicated by words or phrases
such as "believe," "will," "breakthrough,"
"significant," "indicated," "feel,"
"foresee," "revolutionary," "should,"
"ideal," "extremely," and "excited." These
statements are made under "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Actual results may differ materially
from those described in forward-looking statements and are subject to risks and
uncertainties. See Novori's filings with the Securities and Exchange
Commission, including, without limitation, Novori's recent Form 10-KSB and Form
10-QSB, which identify specific factors that may cause actual results or events
to differ materially from those described in the forward-looking statements.
