Sunset Island Group Announces 80% Reduction In Authorized Share
Count
SAN CLEMENTE, CA -- July 25, 2017 -- InvestorsHub NewsWire --
SUNSET ISLAND GROUP, INC. (OTCQB:
SIGO) announced today that the company will be reducing the
companys 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 Ive 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 weve 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.