Revolutionary Concepts Announces Major Plans for Recapitalization to Raise $10 to $25 Million in Capital, Accelerate Growth and Increase Shareholder Value
BY GlobeNewswire
— 3:01 PM ET 04/20/2015
CHARLOTTE, N.C., April 20, 2015 (GLOBE NEWSWIRE) -- Revolutionary Concepts Inc. ( REVO Loading...), (OTCPINK: REVO), a publicly traded company that that owns patented mobile video technology and remote security communication systems, announced it is planning a new major strategy to recapitalize the company, strengthen its financial position and increase the value to its shareholders.
Some key highlights of the proposed plan include;
Raising $10 to $25 million in capital for its operating expenses and future growth and expansionReducing or eliminating all of its outstanding debt of $2.16 millionPayoff all of its outstanding Senior Secured Convertible Notes and related obligationsImprove the Company's Balance SheetRepurchase up to 140 million shares of its outstanding shares of common stock
REVO's Senior Vice President Solomon Ali states, "We are very excited about the recapitalization plan. It should allow the Company to raise capital for operating expenses, reduce our debt burden, improve our balance Sheet and strengthen our capital structure. With the successful completion of our recapitalization, this should put us in a position to focus on our long-term strategic plans to grow the Company. We also anticipate receiving funds from licensing fees and royalties from the licensing of our patents through our Licensee. It could also place REVO in a position to be acquired by another larger company in the industry that may have an interest in buying the Company. We believe our stock is undervalued and that this plan could bring great value to our shareholders. We will be providing more details on the plan in the near future."
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.
For inquiries contact: Media Relations: Solomon Ali at 980-225-5376
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 ( REVO Loading...) 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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