COSTA MESA, CA--(Marketwired - Oct 17, 2016) - Sipp Industries, Inc. (OTC: 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 Company's 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.
About Sipp Industries, Inc.
Sipp Industries is a multifaceted corporation that specializes in technology, manufacturing and distribution of commercial and consumer products. Through its wholly owned subsidiary, Major Hemp, the Company provides high quality and competitively priced hemp based products, bulk hemp, CBD supply, co-packing and private labeling services.
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team.
Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.