Concierge Technologies (CNCG), a supplier of mobile video devices through its wholly owned subsidiary, Janus Cam, announced that it has completed the sale of Janus Cam to Janus Cam’s president, Peter Park, and Janus Cam’s chief financial officer, Nelson Choi in a transaction involving a forgiveness of intercompany debt and the redemption and cancellation of 68 million shares of the common stock of Concierge Technologies held by Park and Choi in exchange for all of the issued and outstanding shares of Janus Cam.
In addition to the Janus Cam spinoff, shareholders also authorized the board of directors to effectuate a reverse split of all classes of the authorized shares of the company in a ratio of 1:10. The directors have not yet set a date when such a reverse split may be initiated. Source
