SAKL Signs Stock Buy Back Agreement for $425K
(firmenpresse) - SALT LAKE CITY, UT -- (Marketwired) -- 05/03/16 -- (OTC PINK: SAKL), reports that it has signed an agreement to redeem 85,000 shares of its Series C preferred stock with a face value of $425,000. The agreement calls for monthly payments of $25,000 until January 2017 when the balance owing will be due. At the conclusion of the agreement, the shares will be returned to the treasury as unissued and authorized.
Richard Surber, CEO, explained, "The agreement to buy back the shares was effected to help ensure compliance with the terms of a secured line of credit held by SAKL. The actions taken today will prevent 85,000 shares of Series C from being converted into $425,000 worth of common stock that could be sold into the open market at a future date. We have already made the first payment of $25,000."
Mr. Surber, continued, "I am also exploring various options to strategically redeem additional Series C Preferred shares which I believe will further enhance the value of our common shares. The actions the board has taken and will continue to take are serious efforts to curb risks associated with potential dilution to our common shareholders. As a reminder, insiders may not sell any shares of common stock into the open market based upon current securities laws that govern resale of SAKL shares."
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Sack Lunch Productions, Inc. (OTC PINK: SAKL) is an entertainment company that operates and franchises action oriented events in the U.S. and internationally. SAKL''s events include: Slide the City (1,000 foot long water slide for families and kids), Color Me Rad (5k color race), The Dirty Dash (mud and obstacle run), and The Lantern Fest (nighttime party with lantern lighting and launch). Learn more about SAKL''s operations at , , , , , and .
SAKL strongly encourages the public to read the above information in conjunction with its reports filed at . The actual results that SAKL may achieve could differ materially from any forward-looking statements due to a number of risks and uncertainties. Investors should not invest more than they can afford to lose.
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Datum: 03.05.2016 - 06:30 Uhr
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News-ID 1432214
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