CHARLOTTE, N.C., Oct. 21, 2014 (GLOBE NEWSWIRE) -- Revolutionary Concepts Inc., (OTCPINK:REVO), a publicly traded company that develops mobile video software and remote security communication systems, announced more major proposals to increase shareholder value and improve returns to its investors. REVO's proposals include plans to reduce its liabilities, improve its capital structure, increase its market value and pay the shareholders a cash dividend.
These proposals could have a positive effect on the price of its stock and its market value. The Company recently completed the following initiatives:
On October 13, 2014, REVO's Board of Directors approved the repurchase of up to 140 million of its total outstanding shares of stock at repurchase price of up to $7.0 million, which is a buyback price of up to $0.05 per share, or nearly 10 times the current stock price.
On September 23, 2014, REVO's global licensee filed lawsuits in the United States District Court against four companies, alleging patent infringement against Revolutionary's intellectual property. REVO is seeking monetary damages for compensation of alleged past and future Patent infringement.
REVO signed a multi-year global licensing agreement to commercialize its patented "EyeTalk Communicator System", and is forecasting $60 to $80 million in estimated annual revenues from residual licensing fees and royalties.
REVO's Senior Vice President, Solomon Ali says, "Our management is moving ahead to improve our financial performance and provide maximum value to our shareholders. We have completed a number of major initiatives so far this year and we are not done yet. We believe the forecasted royalties from the global licensing agreement and the potential damage awards from the pending lawsuits, could be used to repurchase the 140 million shares of stock and provide a cash dividend for our shareholders."
About Revolutionary Concepts Inc.
REVO's 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