$SIPC NEWS: Sipp Industries Retires 395 Million Shares of Common Stock
COSTA MESA, CA -- October 17, 2016 -- InvestorsHub NewsWire -- Sipp Industries, Inc. (OTC Markets: SIPC), a multifaceted corporation specializing in technology, manufacturing and distribution of commercial and consumer products today announced that it had retired three hundred ninety-five million shares of restricted common stock.
To improve its capital structure and better position the Company for future growth, management had successfully negotiated through a private transaction to secure and retire three hundred ninety-five million shares of restricted common stock. The shares have been returned to the Companys transfer agent and cancelled effective October 12, 2016.
Additionally, the Company announced today that it had cancelled one million shares of preferred stock resulting in zero preferred stock issued and outstanding.
Our management team and Board of Directors firmly believe in the long-term growth prospects of Sipp Industries. We are also committed to achieving rapid growth while maintaining an efficient operation and capital structure for maximum shareholder value, said Syman Vong, Sipp Industries Chief Executive Officer.
The shares cancellation formed the solid capital foundation needed to support the various new and on-going initiatives including the hemp beer production and distribution which we plan to update our shareholders soon, added Vong.
