The company reduced the authorized shares from 250 million to 50 million without reducing the number of issued and outstanding shares. PWRV also increased the par value of its common stock to $0.001 and created a class of Series B Preferred stock.
Mr. Rozsnyay, CEO and President of PWRV, said the Series B Preferred stock are created to serve a near term fund raising goal. The shares aren't convertible, but each Series B share will be deemed the equivalent of 2 common shares when calculating the participation in all cash distributions or stock dividends.
PWRV is yet to start generating revenue, and it seems until that time the company will require additional funding. While the reduction of the authorized shares suggests the company isn't planning to dilute its common stock a lot, the market response shows some people aren't too thrilled about the current developments.