CHARLOTTE, NC—February 11, 2014 - Revolutionary Concepts Inc., (OTCQB: REVO), a publicly traded company that develops online mobile video software and remote security communication systems, announced today that shares of its common stock jumped 24.24%, and its stock traded over 59.52 million shares after it released news about its comprehensive plans to increase shareholder value.
The Company's Management has presented a proposal to the Board of Directors to distribute a dividend to its shareholders. The plan would pay either a cash dividend, or issue common stock on a 10 for 1 basis, which would essentially distribute one share of common stock for every ten shares of common stock held by the shareholders.
REVO also intends to restructure its financials to reduce its debt and total liabilities. REVO plans to take measures to significantly reduce its $3.48 million in total liabilities and $751,924 in in long-term liabilities in an effort to improve its balance sheet. The Company plans to pay down or pay off some of its debt, improve its capital structure, modify its debt to equity ratio and to bolster its overall financial performance.
The Company also announced that it was considering purchasing up to 98.9 million shares or 20% of its 494,748,924 outstanding shares of common stock.
Encouraged by the positive news, investors quickly bid up REVO's shares to $0.0041 at the close of the trading day for a gain of 24.24% over Friday's closing price of $0.0033. A total of 59,529,972 shares were traded yesterday, which was about 4.22 times the average daily trading volume of 14,121,524 shares. Over 162 million shares of the Company's stock were traded from Monday, February 3, 2014 through the end of the trading day Monday, February 10, 2014, for a gain of price gain of 215.79%.
REVO's Senior Vice president Solomon Ali states, "We are very encouraged about the increased interest in our Company and demand for our stock. This was truly a tremendous day for us in terms of the trading volume of our stock. We are still in final contract negotiations with a company that plans to obtain a worldwide licensing agreement for REVO's patented 'EyeTalk' Communicator System. We feel this demonstrates the growing confidence in our Company by our shareholders and the investment community."
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.