NEW YORK, Aug. 2, 2016 /PRNewswire/ - International Spirit & Beverage Group, Inc. (OTC:ISBG) has announced that the company's Board of Directors have retired 100 million restricted shares from the company's outstanding total that had been previously issued to management. This retirement of 100 million shares is part of management's mission to reduce the number of shares in the company and to increase shareholder value.
The company Board of Directors as part of the restrictive covenant agreement have agreed to decrease the number of shares in the company and to also buy stock in the market to retire as many shares as possible. The company Board of Directors have started buying stock in the market and look to announce those totals in the next press release. The goal of the company still remains to reduce the amount of the shares in the actual float by 25 to 50 percent through stock buyback programs and insider buying.
ISBG President, Mr. Williams stated, "With the retirement of 100 million shares and also buying of company stock by the insiders in the market we feel we are off to a fantastic start to show our shareholders that we believe in the long term success of ISBG. We have major news coming regarding increased sales of our products and we will take a percentage of those revenues ongoing to buy stock in the market and retire ISBG shares."
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," "anticipates," "plans," "believes," "scheduled," "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. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update the public after the date of this press release.
SOURCE International Spirit and Beverage Group (ISBG)