Allin Corp. (ALLN: OTC Link) | Changes in Control of Issuer

Changes in Control of Issuer

Mar 01, 2012

OTC Disclosure News Service

Pittsburgh, PA –

 

 

 

 

Changes in Control of Issuer

 

March 1, 2012

For Immediate Release

 

               Pittsburgh, PA:  Allin Corporation (the “Company”) is providing the following information in accordance with Current Reporting Obligations as set forth in the OTC Markets’ Guidelines for Providing Adequate Current Information.

               On February 29, 2012, Paul Posner acquired securities of the Company owned by the estate of his father, Henry Posner, Jr., in a private transaction.  The securities acquired by Mr. Posner consist of the following:  1,911,087 shares of common stock; warrants to purchase 1,800,000 shares of common stock with an exercise price of $1.00 per share and an expiration date of July 26, 2020; warrants to purchase 4,905,703 shares of common stock with an exercise price of $0.15 per share and an expiration date of December 31, 2024; 7,647.059 shares of Series C Redeemable Preferred Stock; and 90.0770 shares of Series G Redeemable Preferred Stock.  Mr. Posner purchased the securities with a nine-year term loan for an aggregate purchase price of approximately $1,131,000.  Following the acquisition, Mr. Posner will beneficially own 54% of the voting common stock of the Company.  Mr. Posner may be deemed to be a “control person” based on his beneficial ownership of the Company’s securities; however, management of the Company does not consider Mr. Posner to be a control person.

 

About Allin Corporation

               Allin Corporation is a leading provider of solutions-oriented application development, technology consulting and technology platform integration services.  Allin specializes in interactive media and Microsoft-based technologies.  Allin leverages its experience in these areas to work with clients through a disciplined project delivery framework to ensure that solutions are delivered on time and on budget. Allin delivers these services through the trade names Allin Interactive, Allin Consulting and Allin Analytics.  The Company maintains offices in Pittsburgh, Pennsylvania; Ft. Lauderdale, Florida; and Wakefield, Massachusetts.  For additional information about Allin, visit the Company’s Internet site on the World Wide Web at Allin.com.

 

 

 

 

CONTACT:        Dean C. Praskach                                   Phone:                  (412) 928-8800

                              Chief Financial Officer                          Telefax:                 (412) 928-0225

                              Allin Corporation                                   E-mail:                   Dean.Praskach@allin.com

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/ALLN/news?id=43190

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