NEW YORK, July 26, 2016 /PRNewswire/ - International Spirit & Beverage Group, Inc. (OTC:ISBG) has announced that the company's Board of Directors have begun buying stock in the open market to reduce the company's common stock float. The company expects to announce the amount of shares bought in open market next week. The board of Directors that have bought shares will file the necessary forms with the SEC to validate the shares bought in the market to comply with the SEC. The plan is to pull the shares from the float into certificate form thus reducing the amount of shares in the Depository Trust.
The company Board of Directors as part of the restrictive covenant agreement agreed to increase the authorized shares of the company to three billion shares to pay restrictive dividends owed to DKTS. The purpose of the increased authorization is part of the restrictive covenant agreement that will be used for the purpose of acquisitions, restricted dividends owed or for management services. The goal of the company still remains to reduce the amount of the shares in the actual float dramatically through stock buyback programs and insider buying.
ISBG President, Mr. Williams stated. "We are very excited to have started the process of buying shares in the open market to reduce the float. We believe our stock is undervalued. Our new contracts for our flagship brand Besado continue pay dividends to us in the form of increased sales and we have already shipped our first container overseas.
ISBG, based in Houston, TX, is an alcoholic beverage company specializing in the development, global sales, and marketing of innovative wine & spirits brands. The Company's expertise lies in the strategic development and aggressive early growth of its brands establishing its assets as viable and attractive acquisition candidates for the major global spirits companies. ISBG intends to build its brands as individual acquisition candidates while continuing to develop its pipeline of new brands in to the ISBG portfolio. For more information visit: www.isbg.global
Safe Harbor Statement
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "believes," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements after the date of this press release.
SOURCE International Spirit and Beverage Group (ISBG)