LAJOLLA, CA--(NewMediaWire- Sep 17, 2015) - AV1 Group, Inc. (OTC PINK: AVOP) is pleased to announce that the Board of Directors has authorized the cancellation and return to treasury of 1,036,794,100 common shares of restricted stock in an effort to fortify investor confidence and strengthen shareholder value.
As previously announced, on April 1, 2014, Marijuana Incubator Group, Inc., a Wyoming corporation, acquired 7,859,375,858 restricted common shares of the Company and through a Plan of Merger, became a wholly-owned subsidiary of the Company. On October 28, 2014, the Company canceled 1,633,000,000 common shares and returned the stock to treasury. On February 19, 2015, the Company cancelled 5,189,581,758 common shares and returned to the stock to treasury.
"We are persuaded that in the retirement of stock, the Company is building a stronger foundation and strengthening its share valuation. Our goal continues to be the methodical development of our Company, protection of the integrity of the stock structure, and the enhancement of our shareholder value," stated Bryen Beglinger, Chief Executive Officer of AV1 Group, Inc.
The Company recently disclosed that it had filed a Form D with the Securities and Exchange Commission for a $2 million private placement under the auspices of Rule 506(c) of Regulation D for accredited and institutional investors. The placement has been structured by offering 2million Class B Preferred Shares at the price of $1 per share. The Class B Cumulative Redeemable Preferred Shares will pay a twelve percent (12%) cumulative dividend each fiscal year, with a sinking fund set up for the first year. The Class B Preferred Shares are redeemable at 120% of the purchase price any time after two years from date of issuance. The Company pays an 8% placement commission to registered broker-dealers.
Developments will be forthcoming, The Company intends to keep shareholders fully informed as events materialize.
