CHARLOTTE, NC - February 6, 2014 - Revolutionary Concepts Inc., (OTCQB: REVO), a publicly traded company that develops mobile video software and remote security communication systems, announced today that it is considering purchasing up to 20% of the Company's outstanding shares of common stock. On January 21, 2014, REVO announced it is in advanced contract negotiations with a technology company that plans to acquire an exclusive license from REVO to commercialize its online patented wireless mobile security alarm services system.
In view of this announcement, REVO is considering purchasing up to 98.9 million shares or 20% of its 494,748,924 outstanding shares of common stock.
REVO's Senior Vice President, Solomon Ali, states, "In view of the advance contract negotiations to license our patented wireless mobile alarm services system to another company, we believe considering a stock repurchase right now, with the current stock price in the market, provides us with an opportunity to invest in our Company and increase shareholder value."
REVO may periodically consider stock repurchases as a capital investment. REVO may buy shares on the open market or in privately negotiated purchases. The timing and amounts of any repurchases are subject to changes in market conditions and other factors. Repurchases will be made in compliance with all SEC rules and other legal requirements However, no final decision has been made on a buyback and the Company will continue to focus on completing the licensing agreement of its patented online patented wireless mobile security alarm services system.
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.
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SOURCE: Revolutionary Concepts, Inc.