SOURCE: Revolutionary Concepts, Inc.
CHARLOTTE, NC--(Marketwired - Feb 7, 2014) - Revolutionary Concepts Inc., (OTCQB: REVO), a publicly traded company that develops mobile video software and remote security communication systems, announced today that it has approved a major plan to reduce its debt, restructure its financials and provide greater returns for its shareholders.
REVO is in advanced contract negotiations with a company that plans to acquire a license from REVO to commercialize its patented wireless mobile security alarm services system. Consistent with those plans, REVO intends to restructure its financials to reduce its debt and total liabilities. REVO plans to take measures to significantly reduce its $3.48 million in total liabilities and $751,924 in in long-term liabilities, in an effort to improve its balance sheet.
The Company plans to pay down or pay off some of its debt, improve its capital structure, modify its debt to equity ratio and to bolster its overall financial performance. REVO intends to work closely with its creditors to payoff and/or retire a substantial portion of the debt instruments that it issued to its investors and creditors to fund the Company's initial operations. By taking these actions, the Company should reduce its debt, lower interest expenses and strengthen the Company's Balance Sheet.
REVO's Senior Vice President Solomon Ali says, "Our plans are to improve our financial performance to create more value for the Company and our shareholders. In view of the current events, we feel that REVO is now positioned for significant growth for the future. We believe, that by reducing and eliminating our debt, liabilities and improving our balance sheet, this should have a positive impact on the Company's future revenue growth and the value of our stock. We are planning additional actions in the near future to deliver greater value to our shareholders."
About Revolutionary Concepts Inc.
REVO's primary business is the design and development of the "EyeTalk" Communicator technology, a mobile video, remote smart camera security technology. The system is designed to provide nationwide protection and monitoring of homes and businesses against multiple threats including robbery, fire, theft, burglary and other intrusions through mobile phones, wireless video and remote smart camera security technology. REVO holds patented and patent pending applications that utilize the technology in medical/healthcare, sporting events, child monitoring and several other key areas. For more information visit www.revolutionaryconceptsinc.com.
Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Revolutionary Concepts Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.