Santo Mining Prepares for Rapid Growth and New Potential Acquisitions Increasing its Authorized Shares of Common Stock
March 09 2016 - 7:45AM
InvestorsHub NewsWire
Ft. Lauderdale, FL --
March 9, 2016 -- InvestorsHub NewsWire -- Santo Mining
Corporation also known as Cathay Lifestyle Co., (OTCPINK:SANP),
(the "Company"), announces today the company has increased its
company’s authorized treasury stock in preparation for rapid growth
and potential acquisitions.
The company increased its authorized treasury stock from
5,500,000,000 to 9,500,000,000 (of that 500,000,000 are preferred
stock for voting control and the remaining are common shares) with
a par value of $0.0001. The Board of Directors have increased
the authorized treasury stock in preparation of its restructuring
plan, growth phase and certain key acquisitions of revenue
generating private companies targeted over the next 30 to 60
days. The Board wants to elaborate further that it is only
interested in (in talks with) preferred and/or restricted equity
deals for takeovers & acquisitions.
The Company had a total of 5,000,000,000 authorized common shares
in its treasury and of that only 1,898,649,498 are currently issued
and outstanding (1,827,124,998 common and 71,524,500 restricted
common). However, it’s important for our shareholders and the
market to understand that 3,101,350,502 shares of the company’s
common stock in the treasury must remain in reserve, which the
Company cannot issue. Because the company must leave the
3,101,350,502 shares of common stock in reserve at all times it
leaves the company with no additional common shares in treasury to
access for advancement, development, growth and/or takeovers.
This is why it was crucial for the increase in the authorized
shares of common stock to 9,000,000,000 in order to allow for the
upcoming rapid growth and potential acquisitions. This now
permits the company access to additional preferred and/or
restricted common stock needed in order to facilitate the next
stage of growth and to increase value to shareholders through
certain targeted revenue generating acquisitions.
The Company’s CEO, Franjose Yglesias,
stated, “We are planning to make this a great company and have
already made it a great turnaround story. We initially inherited a
company that from its inception had excessive administration costs
and high salaries. However, we have successfully and
drastically lowered the operating expenses for the 6 months ending
January 31, 2016 to $61,392 compared to $402,000 for the
Semi-Annual ending January 31, 2014. Mr. Yglesias, President
of SANP, went on to say, “Our main goal was to first start creating
revenues for SANP, which in our last semi-annual filling for
January 31st, 2016, we posted positive revenues (sales)
of $127,545 compared to $0 for the semi-annual ending January 31,
2014. These SANP revenues were comprised of direct sales to consumers, stores and
sales via internet. The Company has now successfully
turned the corner and has generated revenue for the first time
since 2012. We feel more confident now than ever in the
current business strategy and future near & long-term growth
potential. Now our primary objective and focus is to continue to
increases revenue, reduce cost, reduce the company liabilities and
grow the company via sales and acquisitions. More
importantly, we must focus on building solid growth for our
investors and shareholders through the expansion of our core
businesses and subsidiaries”.
We hope our shareholders and the market keeps on eye on SANP
because we have some new and exciting things coming near term and
look to keep the market fully updated with these news events.
Management believes transparency is first and foremost, therefore
any shareholder who has any questions; may contact management at
IR@CATHAY.ASIA, shareholders can also find
information posted on social media sites indicated below on this
press release on the contact section.
Make sure to visit and/or contact SANP
online through its many media outlets:
Website: http://www.cathaycigars.com
Email: info@cathay.asia
Facebook: http://www.facebook.com/cathaycigars
Twitter: http://www.twitter.com/cathayinvestors
Weibo: http://weibo.com/mrxuejia
http://www.scoop.it/t/cigars-by-cathaycigars
About
SANP: We
are a lifestyle brand integration, marketing, design, development,
education and consultant for high value sales channel of luxury
cigars and spirits products in the leisure and entertainment sector
in Asia. We have a diverse portfolio of licensed brands as well as
a wide range of product categories. Our partners include,
membership clubs, golf clubs, financial services groups,
nightclubs, restaurants, lounges, sports bars, KTV's, Duty Free
Stores, e-commerce channels and direct to consumers B2C across
Asia. Our services embody the interests, attitudes, and opinions of
an elite group of consumers that embrace a particular culture. Our
Lifestyle brands seek to inspire, guide, and motivate people, with
the goal of our products contributing to the definition of the
consumer's way of life. We operate off the ideology that we must
attract and connect people and brands to ultimately spur, set and
create new social phenomenon's.
FORWARD LOOKING STATEMENT This press
release contains certain "forward-looking" statements, as defined
in the United States Private Securities Litigation Reform Act of
1995 that involve a number of risks and uncertainties. Statements,
which are not historical facts, are forward-looking statements. The
Company, through its management, makes forward-looking public
statements concerning its expected future operations, performance
and other developments. Such forward-looking statements are
necessarily estimates reflecting the Company's best judgment based
upon current information and involve a number of risks and
uncertainties, and there can be no factors that could cause actual
results to differ materially from those estimated by the Company.
They include, but are not limited to, the Company's ability to
develop operations, the Company's ability to consummate and
complete the acquisition, the Company's access to future capital,
the successful integration of acquired companies, government
regulation, managing and maintaining growth, the effect of adverse
publicity, litigation, competition, sales and other factors that
may be identified from time to time in the Company's public
announcements.
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