ORLANDO, FL--(Marketwired - Jul 15, 2013) - Red Giant Entertainment Inc. (OTCQB: REDG), an innovative Intellectual Property company specializing in high quality characters and content for use in a variety of media and entertainment, is pleased to announce the timely filing of its audited results for its third quarter ending May 31, 2013.
- Revenues. During the nine months ended May 31, 2013, revenues were $295,653, an increase of $236,833 or 403% from $58,820 for the nine months ended May 31, 2012. This increase was largely due to a continued development of the market for the Company' products and services.
- Income. Gross profit increased from $30,791 during the nine months ended May 31, 2012 to $188,880 during the nine months ended May 31, 2013. The increase of $158,089 or 513% was largely due to higher revenues and the continued development of the market for the Company's products and services.
- Zero Dilution. The Company has 100,000,000 shares of preferred stock authorized and none have been issued. The Company has 900,000,000 shares of common stock authorized, of which 434,922,000 shares are issued and outstanding. All shares of common stock are non-assessable and non-cumulative, with no preemptive rights. During the nine months ended May 31, 2013 these share totals have remained the same and no new shares have been issued.
- Stock Repurchase Plan. On June 25, 2013, we announced the authorization of a stock repurchase program permitting the Company to repurchase shares of its common stock over the next six to 12 months. The shares are to be repurchased from time to time in open market transactions or privately negotiated transactions at our discretion. In June 2013, the Company has purchased 615,900 shares for an average price per share of $0.0141. In July 2013, the Company has purchased 977,200 shares for an average price per share of $0.0172. In total, the Company has purchased 1,593,100 shares. The shares repurchased as listed above have not yet been returned to authorized but unissued status, but upon doing so, will result in the Company having outstanding 433,328,900 shares of common stock.
"We are very pleased with Red Giant's continuing growth and profitability," said Red Giant Entertainment Inc. CEO, Benny Powell. "As we continue to grow and invest in ourselves and expansion, our approach to conservative expenditure and a strong and diversified catalog of Intellectual Property continues to produce increasing revenue. With our new leadership, new projects, strong business plan, and unique business model, we intend to continue to deliver ever-increasing value to our shareholders."
The full 10Q filing is available on the SEC's website at: http://edgar.sec.gov/
ABOUT RED GIANT ENTERTAINMENT INC.
Red Giant Entertainment Inc. (OTCQB: REDG) is a Nevada corporation that specializes in intellectual property (IP) development for multiple media platforms and transmedia propagation. The cornerstone of this development is based around the more than three dozen online and print graphic novel properties in various stages of production as well as the cast of thousands of characters from those series. These properties have a readership that numbers in the millions globally. Some of these properties are actively in development into other media such as movies, video games, television, novels, toys, apparel, applications, etc. through either direct production or licensing agreements.
Forward Looking Statements
This press release may contain "forward-looking statements." Any statements that are not statements of historical fact, including but not limited to statements containing the words "believes," "plans," "anticipates," "expects," "look forward," "estimates" and similar expressions, should be considered to be forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, to include acquisition, production, marketing, distribution, competition with related patent, trademark and license issues involving contractual obligations and concessions. The Company does not assume any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law. The Company files annual, quarterly and current reports, proxy and information statements and other information with the Securities and Exchange Commission. This press release should be read in conjunction with all of the reports that the Company has previously filed with the Securities and Exchange Commission for financial and other information about it. The references to the websites http://redgiantentertainment.com and www.facebook.com have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.