FT. LAUDERDALE, FL / ACCESSWIRE / March 9, 2016 / InvestorsHub NewsWire -- Santo Mining Corporation also known as Cathay Lifestyle Co., (OTCPINK:SANP), (the "Company"), announces today the company has increased its company's authorized treasury stock in preparation for rapid growth and potential acquisitions.
The company increased its authorized treasury stock from 5,500,000,000 to 9,500,000,000 (of that 500,000,000 are preferred stock for voting control and the remaining are common shares) with a par value of $0.0001. The Board of Directors have increased the authorized treasury stock in preparation of its restructuring plan, growth phase and certain key acquisitions of revenue generating private companies targeted over the next 30 to 60 days. The Board wants to elaborate further that it is only interested in (in talks with) preferred and/or restricted equity deals for takeovers & acquisitions.
The Company had a total of 5,000,000,000 authorized common shares in its treasury and of that only 1,898,649,498 are currently issued and outstanding (1,827,124,998 common and 71,524,500 restricted common). However, it's important for our shareholders and the market to understand that 3,101,350,502 shares of the company's common stock in the treasury must remain in reserve, which the Company cannot issue. Because the company must leave the 3,101,350,502 shares of common stock in reserve at all times it leaves the company with no additional common shares in treasury to access for advancement, development, growth and/or takeovers. This is why it was crucial for the increase in the authorized shares of common stock to 9,000,000,000 in order to allow for the upcoming rapid growth and potential acquisitions. This now permits the company access to additional preferred and/or restricted common stock needed in order to facilitate the next stage of growth and to increase value to shareholders through certain targeted revenue generating acquisitions.
The Company's CEO, Franjose Yglesias, stated, "We are planning to make this a great company and have already made it a great turnaround story. We initially inherited a company that from its inception had excessive administration costs and high salaries. However, we have successfully and drastically lowered the operating expenses for the 6 months ending January 31, 2016 to $61,392 compared to $402,000 for the Semi-Annual ending January 31, 2014." Mr. Yglesias, President of SANP, went on to say, "Our main goal was to first start creating revenues for SANP, which in our last semi-annual filling for January 31st, 2016, we posted positive revenues (sales) of $127,545 compared to $0 for the semi-annual ending January 31, 2014. These SANP revenues were comprised of direct sales to consumers, stores and sales via internet. The Company has now successfully turned the corner and has generated revenue for the first time since 2012. We feel more confident now than ever in the current business strategy and future near & long-term growth potential. Now our primary objective and focus is to continue to increases revenue, reduce cost, reduce the company liabilities and grow the company via sales and acquisitions. More importantly, we must focus on building solid growth for our investors and shareholders through the expansion of our core businesses and subsidiaries".
We hope our shareholders and the market keeps on eye on SANP because we have some new and exciting things coming near term and look to keep the market fully updated with these news events. Management believes transparency is first and foremost, therefore any shareholder who has any questions; may contact management at [email protected], shareholders can also find information posted on social media sites indicated below on this press release on the contact section.
Make sure to visit and/or contact SANP online through its many media outlets:
Website: http://www.cathaycigars.com
Email: [email protected]
Facebook: http://www.facebook.com/cathaycigars
Twitter: http://www.twitter.com/cathayinvestors
Weibo: http://weibo.com/mrxuejia
http://www.scoop.it/t/cigars-by-cathaycigars
About SANP: We are a lifestyle brand integration, marketing, design, development, education and consultant for high value sales channel of luxury cigars and spirits products in the leisure and entertainment sector in Asia. We have a diverse portfolio of licensed brands as well as a wide range of product categories. Our partners include, membership clubs, golf clubs, financial services groups, nightclubs, restaurants, lounges, sports bars, KTV's, Duty Free Stores, e-commerce channels and direct to consumers B2C across Asia. Our services embody the interests, attitudes, and opinions of an elite group of consumers that embrace a particular culture. Our Lifestyle brands seek to inspire, guide, and motivate people, with the goal of our products contributing to the definition of the consumer's way of life. We operate off the ideology that we must attract and connect people and brands to ultimately spur, set and create new social phenomenon's.
FORWARD LOOKING STATEMENT This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.
SOURCE: Santo Mining Corporation