HOLLYWOOD, Fla., May 20, 2016 /PRNewswire/ -- Sunshine Capital, Inc. (Pinksheets: SCNP) today announced that the Board of Directors has approved all recommendations made by Advisory Board Member and Investment Trustee, Daniel J Duffy.
Over the next 60 days the company will be cancelling 59,600,000 shares or 92% of the outstanding shares of the Company, decreasing the authorized from 1.5 billion to only 10 million shares and already has placed a "sale lock" for a period of one year on previous management.
"Every company has to structure it's self properly in order to succeed and that is exactly what the company is doing here," stated Daniel J Duffy, Investment Trustee of his children's trust. "Companies fail every day because they have too many shares outstanding, which dilutes ownership of the company - usually benefiting only company management. This company is going to put its shareholders first, which include my two children."
Sunshine Capital, Inc. is in the process of acquiring a profitable private company with millions in assets and also gaining large equity positions in existing public companies. These transactions, with the guidance of Daniel J Duffy, will be achieved with little or no dilution to the existing shareholders and be done with practically no debt, making all assets free and clear to its portfolio and its balance sheet. This accretive acquisition provides Sunshine Capital, Inc. with a higher book value, especially when coupled with the reduction in the number of outstanding shares.
The Company would also like to inform all shareholders that after the cancellation of the 59,600,000 shares, the Company will have under 8 million shares outstanding, and maintain a public float of only 450,000 shares, with no intentions of diluting the Company by issuing any shares that are not necessary.
All these steps are going to position Sunshine Capital, Inc. to achieve its goal of up-listing to the American Stock Exchange at a much more rapid rate.
Sunshine Capital, Inc.
7777 Davie Road Extension - Suite 302B
Hollywood, FL 33024
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SOURCE Sunshine Capital, Inc.