CHARLOTTE, N.C., Oct. 14, 2014 (GLOBE NEWSWIRE) -- Revolutionary Concepts Inc., (OTCPINK:REVO), a publicly traded company that develops online mobile video software and remote security communication systems, announced its stock rose 17.65% in price from its previous closing price, after the Company announced yesterday that its Board of Directors approved the repurchase of up to 140 million shares of its outstanding shares of common stock for a repurchase price of up to $7.0 million to boost shareholder value.
The Board of Directors approved the repurchase of up to 20% or 140 million of its total outstanding shares. The main purpose of the repurchase plan is the return of capital to the shareholders, reduce the amount of outstanding shares and to improve the companies the capital structure. After the planned repurchase of the shares of common stock, the Company plans to cancel all of the shares and return them to the Corporations treasury.
Investors were encouraged by the positive news, and rapidly bid up REVO's shares for a gain of 17.65% over the previous days' closing price. A total of 6,770,301, shares were traded yesterday, which was about 3.03 times the average daily trading volume of 2,236,907 shares.
Solomon Ali, REVO's Senior Vice President says, "We feel the continued strong interest in REVO was very encouraging based on the announcement of the approval of the stock repurchase plan. It's certainly good news as it rewards our loyal shareholders. We are moving forward with our plans for growth and anticipate more exciting news for our shareholders in the future."
About Revolutionary Concepts Inc.
REVO is 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.
For inquiries contact: Media Relations: Solomon Ali at 980-225-5376
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.
Source:Revolutionary Concepts Inc