SAN CLEMENTE, Calif., July 25, 2017 /PRNewswire/ -- SUNSET ISLAND GROUP, INC. (OTCQB: SIGO) announced today that the company will be reducing the company's authorized share count by 80%.
CFO Valerie Baugher stated, "We currently have 50,031,771 shares outstanding and 4,031,771 shares in the float. We are finishing up our first harvest and based on the results, we feel confident that over the long term, our outstanding share count should settle somewhere between where it is now and 70,000,000 shares. That being the case, we are immediately reducing our authorized share count to an even 100,000,000 shares. By second or third quarter of 2018, we fully expect existing profits to fund further expansion over and above the planned expansion outlined in our previous press release. At that time, we may look at a further reduction in the authorized number as a show of good faith that we are serious about our long term commitment to shareholders."
CEO T.J. Magallanes stated, "As I've stated in the past, the best way that I can ensure shareholders are confident in their investment is to stay 100% focused on the business itself as we move toward expansion. With a planned 66K square feet of grow space in the works, a conservative $200 in revenue per square foot projected, and now a stable and reasonable share structure, we hope that we've done our part at least in the short term to ensure that investors see the value in what we are building here; a company that employees and investors alike are proud to be a part of for years to come."
NOTE: The authorized share count reflected at OTCMarkets.com is inaccurate. The actual authorized share count will be reduced from 500M to 100M by the end of July, 2017. We will coordinate with OTCMarkets.com to have that number updated as soon as possible.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
SOURCE Sunset Island Group, Inc.