11/5/2004 - Snocone Systems Inc. (OTCBB: SCOS) ("Snocone" or the "Company"), an innovator of wireless solutions, announces the cancellation of 30% of the Company's issued and outstanding common stock in the amount of 15,596,400 shares. These shares were owned by management, affiliated entities, and other shareholders. Following the cancellation, the number of issued and outstanding shares in the Company will total 35,210,846.
"It is our hope that, by reducing the number of shares outstanding in our Company's stock, pursuing and acquiring revenue generating mobile applications, and aggressively penetrating the mobile surveillance market, we will show the investing public that we are committed to the long term growth of our Company and the development of value for our shareholders" stated Ms. Vivian Kane, Snocone's President.
About Snocone Systems Inc.
The wireless market was pioneered in Europe and Japan, and has come to North America in the past year with the availability of more advanced cellular phones and wireless carriers eager to develop new revenue streams. Recognizing this market opportunity, Snocone began exploring innovative wireless solutions two years ago with the aim of creating a portfolio of wireless technologies and applications. To date we have successfully developed wireless mobile applications that can be used in many areas such as Homeland Defense, mobile security, online entertainment, web monitoring, wireless mobile surveillance and professional sports to name a few. The Company looks forward to continually strengthening its base and bottom line through suitable applications that it deems to fit its strict criteria for extensive growth in major market sectors. Snocone's web site is located at www.snoconesystems.com.
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