SALT LAKE CITY, UT--(Marketwired - May 3, 2016) - Sack Lunch Productions, Inc. (
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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About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (
SAKL strongly encourages the public to read the above information in conjunction with its reports filed at www.otcmarkets.com. 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.
Contact Information:
IR CONTACT:
Bruce Haase
RedChip Companies, Inc.
800.733.2447, ext. 131
bruce@redchip.com