The Corporation in the Bahamas has been established.
WEST PALM BEACH, FL -- May 16, 2017 -- InvestorsHub NewsWire -- Bahamas Development Corporation (OTC PINK: BDCI) announces that is has reduced its number of Outstanding shares of its Common stock by 50 million. The shares were issued last year and returned at no cost to the Company. The reduction brings the total Outstanding shares of the Company to 146,187,610.
Addditionally, The Company was informed by its counsel in the Bahamas the corporation that will be used for its operations on the island of Freeport has been approved by the government and duly incorporated. This is a significant step in setting up operations on the island. In a few week the Company will return to the island at which time the business license application will be submitted to the Grand Bahama Port Authority (GBPA). The Company was already told by a representative of the GBPA that they see no reason not to believe that a license would be granted for its t-shirt manufacturing facility.
The Bahamian apparel business has a built-in customer base on the Island of Freeport. The Government is searching for ways to keep more money on the Island, reduce imports, and have Island-made products saleable to the 500,000 plus tourists that visit each month. If the Island operation just services the local market it will add over a $1 million a month in revenue to the bottom line.
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