Smart-Tek cancels 33 million shares
CORTE MADERA, Calif.--Smart-Tek Solutions, a holding company competing in the security market through Smart-Tek Communications, announced in November it will cancel 33 million shares of common stock currently issued and outstanding.
A business advisory contract with Palm Coast Funding LLP was voided by Palm Coast, leading to Smart-Tek canceling a 23-million-share payment. Also, the company's chief financial officer resigned. Ten million shares were returned to the company and cancelled at the CFO's request.
Calls to Smart-Tek were not returned by press time. The company was known as Royce Biomedical until spring , 2005, when it was renamed Smart-Tek Solutions, after acquiring Smart-Tek Communications.