SALT LAKE CITY, UT--(Marketwired - Sep 23, 2015) - Sack Lunch Productions, Inc. (
The move to decrease the authorized shares comes just after the company approved the buyback or cancellation of 614,000 shares of its Series C Preferred shares. Of the shares approved for cancellation, 369,072 have been redeemed. Each of the Series C Preferred shares had a stated value of $5.00 per share that was convertible into common shares. The remaining shares are subject to rigid conversion restrictions. In addition, nearly $700,000 worth of debt was extinguished from our balance sheet.
As a result of being able to write off the debt and the redemption or cancellation of the Series C Preferred stock, the board is able to reduce the authorized shares without any adverse effect to its balance sheet.
Richard Surber, CEO, of SAKL, stated, "There are no toxic debentures that convert into common shares of SAKL on its books. I want to reiterate that I expect further significant improvements to SAKL's balance sheet, statement of income, and statement of cash flows in the third quarter and for the year ending December 31, 2015."
Mr. Surber continued, "It should also be noted that no insiders can sell any shares into the open market until SAKL files a registration statement with Securities and Exchange Commission. Our plan is to bring SAKL back to fully reporting status as soon as possible and immediately up list to OTCQB. I have my eye on a listing with the American Stock Exchange or NASDAQ Small-Cap. I believe we will be able to meet the requirements at the close of 2016 based upon our current projections."
About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (
SAKL strongly encourages the public to read the above information in conjunction with its reports filed at www.otcmarkets.com. SAKL will require a significant influx of capital in order to effectively execute upon its various operational plans. The actual results that SAKL may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should not invest more than they can afford to lose in penny stocks.
Contact Information:
CONTACT:
Richard Surber
President
Sack Lunch Productions, Inc.
801-575-8073
Richard@sacklunchproductions.com