FONU2 Inc (OTCMKTS:FONUD) has instructed its civil engineering team to finalize designs so that it can commence the construction work on the property. The civil engineering firm of the company is Hussey, Gay, Bell, & DeYoung. The team will complete the needed research for topography and soil testing. It will also work on the design work for infrastructure and utilities. The company expects to complete the studies and designs on or before March 31, 2015. FONU2 has already received approval for the development plan, the master plan, and the DRI.
The management view
Roger Miguel, the CEO of Fonu2 said that the civil engineering firm is one of the reputed firms in the region. The company continues to align with the best team and is delighted to have HGB & D working on company’s behalf. Miguel added that 2015 is heading towards a strong start. FONU2 Inc (OTCMKTS:FONUD) will continue to provide updates on the project to its shareholders.
Reverse Stock Split
Early this month, FONU2 announced completion of reverse stock split. It will reduce the total number of shares of FONU’s common stock issued and outstanding from almost 1.12 billion to around 2.8 million. The number of shares of preferred stock will reduce from 2.5 million to 6,250 shares. FONU2 Inc (OTCMKTS:FONUD) will issue no fractional shares in the reverse stock split process. The decision of reverse stock split was taken to improve market awareness of the FONU2’s company stock.
The management view
Miguel said that since FONU2 bought Studioplex City LLC, the management is busy with the restructuring process of the company. All efforts are being made to integrate operations of two companies. The reverse split was crucial in creating a solid capital structure. It is expected that FONU2 Inc (OTCMKTS:FONUD) will announce development updates related to social commerce business, strategic partnerships and acquisitions in the coming weeks.