SutimCo Inc. Share Buy Back and Shareholders Updates.
Source: InvestorsHub NewsWire
CHEYENNE, WY -- July 31, 2015 -- InvestorsHub NewsWire -- SutimCo Inc. (OTC PK: SUTI) ("The Company")
Today, the CEO and management of the company make the following updates to shareholders:
Share Buyback: We are pleased to announce that the company directors approved a plan to execute a buyback of shares on the open market beginning the week of August 3, 2015. These shares will be exchanged for certificates and classified as 144 restricted stock. Our transfer agent will ultimately identify these shares in the restricted share count of our company share structure. I am grateful that management agreed unanimously that a share buyback is a beneficial plan of action to attain our ultimate goals with the company. The intent of lesser market shares is to achieve a higher sustained stock price per share which generates stronger negotiating power during acquisitions. The timing of this company buyback is congruent with our exodus of convertible debenture agreements which exist from former commitments prior to my ceo position. The recent increases in our share structure are primarily attached to former 144 conversions becoming due (as evidenced in our previous company filings). Some of these notes have been satisfied directly by the company to avoid conversion onto the market. Management has agreed that no new note holders will exist at least through the end of the 2015 calendar year. At present Sutimco has sufficient access to funding as previously stated in our June 19, 2015 press release. In addition, as ceo, I have agreed to forfeit any salary for the remainder of 2015. To date, I have not received any compensation via cash or shares for my duties as ceo. I have voluntarily deferred all compensation until management and I can clean our books and bring our share structure to a manageable level which best benefits shareholders and the company. I intend to reap the benefits of our company along with shareholders, not prior to.
Accumulated Company Deficit: Management and I have been working diligently with our company accountant to substantially reduce our accumulated deficit on the books (as reflected in our quarterly filings). Our current plan in motion has allowed us to deplete a large portion of these liabilities. As previously mentioned in our June 4, 2015 and June 19, 2015 press releases, a spinoff of the company is in progress. Our private company is absorbing the majority of this deficit while our public trading company will retain the company assets with the benefit of a more tolerable overall liability amount. Although a reduction is anticipated to show in our upcoming 2nd quarter financials, the bulk of this reduction will be impacted in our 3rd quarter filing for 2015. I am quite pleased to report that management is estimating a total approximate 75% reduction of liabilities to be disclosed in our third quarter filing.
Name Change: As previously mentioned in our June 11, 2015 press release, the company is undergoing a name/ticker change. We filed for an official name change with FINRA. The Wyoming Secretary of State now recognizes us under our new name Marijuana Venture Capital Inc. Our new ticker symbol is expected to be MJVC. The change is expected to take effect in August 2015.
Dividends: As shareholders are aware, the dividend application (confirmation #2599731) was made and the copy of the paid receipt was issued as a company press release on July 1, 2015. Our first SutimCo dividend for Protek Capital has been reviewed by FINRA. We did receive a response with conditions. Much of the requested documentation necessary to execute this dividend is attached to information dating back to ProPalms Inc. (the former company). Management has been successful with obtaining all of the required information. Although the processing of this dividend took longer than expected, management intends to identify the dividend record date of July 15, 2015, as previously stated. The distribution date of this dividend is not expected to exceed 30 days of the July 30, 2015 stated date. The SutimCo outstanding share count already has a reserve for these shares (including those being retired as well). In addition, the second SutimCo dividend for ProTek shareholders is scheduled with a record date of September 15, 2015 (as stated in our June 10, 2015 press release). Last (as previously stated), SutimCo shareholders will receive their own 100 to 1 company dividend with a record date of October 1, 2015.
Canna and the City: We announced the completion of our venture with Canna and the City of July 8, 2015. I am extremely excited to inform shareholders that the doors are expected to open within the next few weeks. The timing is perfect as the Oregon governor just signed a bill, this past Tuesday, allowing retail sales of marijuana as of October 1, 2015. I would like to wish owners Scot and Lori a sensational grand opening. Since we are all in this together, lets help support them with their social media mission to obtain 1,000 twitter followers: https://twitter.com/cannantcity
Jorge Saenz, SutimCo Ceo
About Canna and the City:
Canna and the City is a medical marijuana dispensary that is dedicated to providing their patients with the highest quality medicine with the most enjoyable experience. They provide flower, pre rolls, edibles and concentrates.
Some of the best recent Quotes:
In strict medical terms marijuana is far safer than many foods we commonly consume. For example, eati ng 10 raw potatoes can result in a toxic response. By comparison, it is physically impossible to eat enoug h marijuana to induce death. Marijuana in its natural form is one of the safest therapeutically active substa nces known to man. By any measure of rational analysis marijuana can be safely used within the supervis ed routine of medical care.
[DEA Administrative Law Judge - 1988]
"When I was a kid I inhaled frequently. That was the point."
- Barack Obama, U.S. President quote on Marijuana
"I enjoy smoking cannabis and see no harm in it".
- Jennifer Aniston quote on Marijuana
"At the end of 2014, 15,992 people were licensed to work in the marijuana industry in Colorado alone, an increase of 143% over the previous year."
"A recent report from The ArcView Group, a cannabis research and investment firm, dubbed legal mariju ana the fastest-growing industry in the U.S. and valued it at $2.4 billion in 2014 - the year legal, recreatio nal marijuana sales first started in Colorado. ArcView is expecting the industry to grow by another 32% this year."
I think people need to be educated to the fact that marijuana is not a drug. Marijuana is a flower. God put it here Willie Nelson
"'2014 was the year where the cannabis industry went from being an interesting casual conversation to something any serious business person has given a fleeting thought,' said Troy Dayton, cofounder of The ArcView Group."
"Unlike other new industries, the demand for cannabis and related products already exists, driving the sec tor's rapid growth. The industry grew from $1.5 billion in 2013 to $2.7 billion in 2014 - a 74% increase i n one year, according to The ArcView Group's latest market analysis report."
Federal and state laws (should) be changed to no longer make it a crime to possess marijuana for private use.
Richard M. Nixon About Sutimco Inc.
Sutimco Inc., is a development corporation with a focus and design to enter a new and emerging Medicinal and Recreational use Marijuana and Cannabis market sectors. The company is developing rela tionships and contracts with product and service providers that cover all aspects of this new and emerging market sector.
Forward-Looking Statements: The information posted in this release may contain f orward-looking statements within the meaning of the Private Securities Litigation Re form Act of 1995. You can identify these statements by use of the words "may," "wil l," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend
," and similar expressions. Forward-looking statements involve risks and uncertaintie s that could cause actual results to differ materially from those projected or anticipa ted. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional confli cts, competition, changes in technology and methods of marketing, delays in compl eting various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays d ue to performance quality issues with outsourced components, and various other fa ctors beyond the Company's control.
This release includes forward-looking statements within the meaning of Sec tion 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange A ct of 1934. Certain statements set forth in this press release constitute "forward-loo king statements. Forward-looking statements include, without limitation, any stateme nt that may predict, forecast, indicate, or imply future results, performance or achievem ents, and
may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan ", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or wo rds or expressions of similar meaning. Such statements are not guarantees of future p erformance and are subject to risks and uncertainties that could cause the companyactual results and financial position to differ materially from those included within t he forward-looking statements. Forward-looking statements involve risks and uncertain ties, including those relating to the Company's ability to grow its business. Actual result s may differ materially from the results predicted and reported results should not be co nsidered as an indication of future performance. The potential risks and uncertaintie s include, among others, the Company's limited operating history, the limited financia l resources, and domestic or global economic conditions -- activities of competitors an d the presence of new or additional competition and conditions of equity markets.