New Chairman and a Corporate Spin Off.
DALLAS, TX – April 15th, 2015, – SutimCo Inc. (OTC PK: SUTI) ("The Company")
Today, the new CEO and Management of the company announce the addition of Mr.Scott Weinert to the Board of Directors and the new Chairman of the Board.
Mr. Weinert is a very successful entrepreneur and business man. Mr.Weinert speaks fluent Mandarin and is very well known and respected in retail and wholesale markets in China and Hong Kong. His thirty plus years in import/export businesses has given him contacts and relationships that allowed him to bring multitude of products and services both to the U.S and China. The management believes that Mr.Weinert’s experience and expertise will enhance and increase the company’s position in the global markets.
The company is also proud to announce the “spin off” into “private” sector one of the core businesses in SUTI, “Sutimco International Inc.”The Sutimco International Inc.,will be operating on its own, as the new “private” company, while the Holding “public” company SUTI Inc, will continue trading on the public markets and pursue the development and focus of its wholly owned subsidiary; “Luxuriant Holdings Inc.” Sutimco International Inc., will retain its current assets as well as retaining with the spin off most of its previously incurred liabilities.”
This change will not affect the current public trading and/or regulatory compliance. The company intends to file with FINRA for the new name change and a new cusip number immediately.
“I’m extremely excited to see the spin off go through. As the company’s CFO I’m happy to see that the liabilities, which are over three million dollars (approx. $ 3.5 plus million), that were incurred prior to our acquisition of the company will stay with the “spin off” company. Starting Q1 2015, this reduction in liabilities will allow our company to grow without such financial burden. I believe that a much “healthier” balance sheet and financials can help us to attract new investors and candidates for merger and acquisitions.” Stated Mr. Tassan, CFO SUTI INC.
Recently, the new CEO Mr. Jarrod Turner and the management, have taken positive steps to improve the market capitalization and improve shareholders value by decreasing the company’s issued and outstanding (OS) by 500,000,000 shares (Five Hundred Million shares). The management is focused on the business development of the current business plan and expansion into an ever growing Marijuana/Cannabis and Related Business Markets.
Thank you,
The Management, Sutimco Inc.
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