CHARLOTTE, N.C., Jan. 4, 2013 (GLOBE NEWSWIRE) -- "EyeTalk Communicator" developer Revolutionary Concepts, Inc. (OTCBB:REVO) (www.revolutionaryconceptsinc.com), today announced its recent acquisition of Greenwood Finance Group, LLC. The acquisition, which closed in December, is a major move in RCI's plan to bring its "EyeTalk" integration technology into the development and production stages.
Ron Carter, President & CEO states: "This acquisition brings significant revenues and profits to our company. In 2013, we believe the company will grow its development, manufacturing, and licensing of recent patents with a goal for distribution as well. The technology to implement our "EyeTalk" software is now in place and our acquisition of Greenwood Finance Group is a critical component in establishing the financial base."
While both sides are still in the audit process, Greenwood Finance Group represents an EBITDA in excess of $3.5 million for 2012 and assets of $7 million with total liabilities of less than $3 million.
"We celebrate this acquisition as one of the most important moves over the past year," states Solomon RC Ali, Sr. VP Finance. He goes on to say, "After several months of negotiations, we are enthusiastic about an acquisition that brings RCI significant revenues, assets, and the potential for a greater upside in 2013. This is an historical event in terms of RCI finally becoming profitable. We will continue to focus on driving shareholder value through strategic deal structures that will enhance the overall value of our company. Greenwood is the first acquisition providing much needed book value and cash flow."
About Revolutionary Concepts, Inc.
Revolutionary Concepts, Inc. is a development stage company focused on the design and development of the Eye Talk Communicator. It serves as an entry management system and gives users the ability to remotely and interactively monitor via two-way communication and control an IP camera while using a personal communication device. Additional uses for the device include medical applications, sporting component, and infant care technology. Revolutionary Concepts Inc. is headquartered in Charlotte, NC with consultants located throughout the United Sates. www.revolutionaryconceptsinc.com
About Greenwood Finance Group, LLC.
With representatives in Atlanta and Charlotte, Greenwood Finance Group is a private equity firm consisting of a team of individuals who understand the work that goes into developing businesses in their beginning stages. In addition to providing funding through our Green Path Fund, Greenwood Finance Group provides consultation services to help business leaders map out plans and goals for continued success. Greenwood Finance Group provides broad-spectrum investment and capital services to small-cap and micro-cap companies; strategically positioning them for long-term growth and profitability. Greenwood delivers, through our global network of investment partners and private equity groups, the capabilities to quickly tailor funding solutions that meet the unique needs of each client which can be tailored to a client's capital funding needs so it can focus on growing the company.
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.
CONTACT: Solomon Ali Revolutionary Concepts, Inc. 704.837.5705Source:Revolutionary Concepts, Inc.