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Revolutionary Concepts Announces Plans for Major Stock Buyback of 130 Million Shares of Its Common Stock(July 11, 2014)
CHARLOTTE, NC -- (Marketwired) -- 07/11/14 -- Revolutionary Concepts Inc. (OTC Pink: REVO) (PINKSHEETS: REVO), a publicly traded company that develops mobile video software and remote security communication systems, announced that its subsidiary Greenwood Financial Group planning to make major repurchases and buybacks of REVO's common stock. Greenwood is planning to re-purchase up to 20% or 130,000,000 shares of REVO's 650,087,493 outstanding shares of common stock.
On July 2, 2014, REVO announced that its wholly owned subsidiary Greenwood Finance Group signed an agreement with a funding company and secured a $10 million line of credit. The $10 million credit facility will be used to expand and grow the operations of Greenwood and Revolutionary Concepts. Greenwood is forecasting that $10 to $20 million in annual revenues could be generated from its planned capital investments and the acquisition of distressed financial assets, from the use $10 million line of credit. Greenwood estimates it could earn $5 million in annual profit from the investments generated through the credit line.
From the estimated $5 million in profit, Greenwood Finance would consider making major repurchases and buybacks of REVO's outstanding shares common stock. Greenwood would consider re-purchasing up to 20% or 130,000,000 shares of REVO's 650,087,493 outstanding shares of common stock.
REVO's Senior Vice President Solomon Ali states, "We have great confidence in the future growth prospects of REVO and Greenwood Finance Group. Greenwood should be a very strong financial engine for us that could propel the Company to generate greater revenues and profits. We believe for Greenwood to use some of its profits to buyback REVO's common stock, is a good capital investment in our Company, and one of the best uses of its financial resources. This would send a strong message to our shareholders and the public market of the high level of confidence we have in the long-term growth potential of the Company. Reducing the number of outstanding shares could also have a very positive effect on the price of the stock and bring additional value to our shareholders." (Solomon) https://www.youtube.com/watch?v=v9MYwGNCXhg
(Greenwood Deal) https://www.youtube.com/watch?v=SqzpKgV4He4
REVO and/or Greenwood Finance Group may periodically consider stock repurchases as a capital investment. The Company and/or Greenwood may buy shares on the open market or in privately negotiated purchases. With Board approval, the timing and amount of any shares repurchased will be determined based on the Company's evaluation of market conditions and other factors. Repurchases will be made in compliance with all SEC rules and other legal requirements and may be made in part under a Rule 10b5-1 plan, which permits stock repurchases when the Company might otherwise be precluded from doing so. Any open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.
About Revolutionary Concepts Inc.
REVO's primary business is the design and development of the "EyeTalk" Communicator technology, a mobile video, remote smart camera security technology. The system is designed to provide nationwide protection and monitoring of homes and businesses against multiple threats including robbery, fire, theft, burglary and other intrusions through mobile phones, wireless video and remote smart camera security technology. REVO holds patented and patent pending applications that utilize the technology in medical/healthcare, sporting events, child monitoring and several other key areas. For more information visit www.revolutionaryconceptsinc.com.
Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Revolutionary Concepts Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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