Does the highlighted section below sound like what has been going on with SANP the last 4 months?
Santo Mining Prepares for Rapid Growth and New Potential Acquisitions Increasing its Authorized Shares of Common Stock
[Accesswire]
March 9, 2016
FT. LAUDERDALE, FL / ACCESSWIRE / March 9, 2016 / InvestorsHub NewsWire -- Santo Mining Corporation also known as Cathay Lifestyle Co., (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 IR@CATHAY.ASIA, shareholders can also find information posted on social media sites indicated below on this press release on the contact section.
