Revolutionary Concepts Announces Major Plans to Reduce Debt and Increase Shareholder Value
07 February 2014 - 5:25PM
Marketwired
Revolutionary Concepts Announces Major Plans to Reduce Debt and
Increase Shareholder Value
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.
For inquiries contact: Media Relations Solomon Ali
704-837-5705