CANTON, Ga., Nov. 13, 2014 (GLOBE NEWSWIRE) -- Blue Water Global Group, Inc. (OTCBB:BLUU) announces that it has received and cancelled 150,000,000 shares (54.3%) of its outstanding common stock held by Taurus Financial Partners, LLC ("Taurus"), an affiliated shareholder controlled by our President and CEO. In exchange for the cancellation of these shares, Blue Water created a series of restricted preferred stock, designated Series A Preferred Stock, and issued Taurus 150,000 shares of these new preferred shares. These may not be converted into common stock, sold or transferred for a minimum period of two years from the date of issue.
Blue Water's President and CEO, J. Scott Sitra, stated, "Blue Water continues to progress on all business fronts. We are very excited about our future and the next few years of development ahead of us. This share reduction transaction should open the door for additional financing on much improved terms than offered in the past, and help limit future dilution to the existing capital structure – something that benefits all existing shareholders." Mr. Sitra added, "Blue Water has always been a long-term project in my mind and this transaction only further demonstrates my commitment to building Blue Water into something special."
About Blue Water Global Group
Blue Water Global Group, Inc. is a publicly held developer of casual dining restaurant properties and premium distilled spirits. Blue Water is currently developing a chain of casual dining restaurants in popular tourist destinations throughout the Caribbean under the Blue Water Bar & Grill™ brand and a line of premium rums which include the flagship rum Blue Water Ultra Premium Rum™ and aged spiced Blue Water Caribbean Gold™ Premium Rum. Additionally, Blue Water is engaged in making strategic equity investments in promising businesses that are in the early stages of obtaining their own listing on the OTCBB. For more information, visit www.bluewaterglobalgroup.com.
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Blue Water Global Group, Inc. ("Blue Water") assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, other than as required pursuant to applicable securities laws. For a description of additional risks and uncertainties, please refer to Blue Water's filings with the Securities and Exchange Commission, including "Risk Factors" in its Annual Report filed on Form 10-K.
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Source:Blue Water Global Group, Inc.