CHARLOTTE, NC / ACCESSWIRE / July 18, 2014 / Revolutionary Concepts Inc., (OTC Pink: REVO), a publicly traded company that develops mobile video software and remote security communication systems, announced that it has started to make contact with some of its major shareholders in its efforts to make repurchases and buybacks of REVO’s common stock. The Company’s management has reviewed its shareholders list to make initial contact with all major shareholders who own 5% or more of REVO’s outstanding shares of common stock.
The Company recently announced that it may make repurchases of its common stock either in open-market purchases or in privately negotiated transactions. Its subsidiary Greenwood Financial Group is planning to make major repurchases and buybacks of REVO’s common stock. Greenwood may re-purchase up to 20% or 130,000,000 shares of REVO’s 650,087,493 outstanding shares of common stock.
The primary objective of repurchasing the shares is to provide an increased investment opportunity and greater returns and value to its shareholders. REVO intends to cancel any common shares acquired through any repurchases and return them to the corporate treasury. Initially the Company intends to open discussions with its major shareholders, holding approximately 5% or more of REVO’s outstanding common shares, who may agree to support the Company in its efforts to buy back some of their shares.
REVO’s Senior Vice President, Solomon Ali states, "We are very excited about moving forward with these initiatives to buy back some of the Company’s stock. We believe these reflect our confidence in the long-term growth and value of REVO, and its future financial performance. Greenwood is forecasting that $10 to $20 million in annual revenues and an estimated $5 million in profit could be generated from its planned investments. Some of that profit could be used to make major repurchases of REVO’s outstanding shares of common stock. Based on our current stock price, we believe this presents a very attractive investment opportunity for REVO." (Solomon Ali’s YouTube channel)
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, stock price, corporate and regulatory requirements, economic 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 http://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.
For inquiries contact:
Solomon Ali at
SOURCE: Revolutionary Concepts Inc.