Sipp Industries Retires 395 Million Shares of Common Stock
COSTA MESA, CA -- October 17, 2016 -- InvestorsHub NewsWire
-- Sipp Industries, Inc. (OTC
Markets: SIPC), a multifaceted corporation specializing in
technology, manufacturing and distribution of commercial and
consumer products today announced that it had retired three hundred
ninety-five million shares of restricted common stock.
To improve its capital structure and better position the Company
for future growth, management had successfully negotiated through a
private transaction to secure and retire three hundred ninety-five
million shares of restricted common stock. The shares have been
returned to the Companys transfer agent and cancelled effective
October 12, 2016.
Additionally, the Company announced today that it had cancelled
one million shares of preferred stock resulting in zero preferred
stock issued and outstanding.
Our management team and Board of Directors firmly believe in the
long-term growth prospects of Sipp Industries. We are also
committed to achieving rapid growth while maintaining an efficient
operation and capital structure for maximum shareholder value, said
Syman Vong, Sipp Industries Chief Executive Officer.
The shares cancellation formed the solid capital foundation
needed to support the various new and on-going initiatives
including the hemp beer production and distribution which we plan
to update our shareholders soon, added Vong.
About Sipp Industries, Inc.
Sipp Industries is a multifaceted corporation that specializes
in technology, manufacturing and distribution of commercial and
consumer products. Through its wholly owned subsidiary, Major Hemp,
the Company provides high quality and competitively priced hemp
based products, bulk hemp, CBD supply, co-packing and private
labeling services.
Website: http://www.sippindustries.com.
Facebook: https://www.facebook.com/SippIndustries
Twitter: @SippIndustries
Forward Looking Statements
This release contains forward-looking statements within the
meaning of Section 27a of the Securities Act of 1933, as amended
and section 21e of the Securities and Exchange Act of 1934, as
amended. Those statements include the intent, belief or current
expectations of the company and its management team.
Forward-looking statements are projections of events, revenues,
income, future economics, research, development, reformulation,
product performance or management's plans and objectives for future
operations. Some or all of the events or results anticipated
by these forward-looking statements may not occur. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. Accomplishing the strategy described herein is
significantly dependent upon numerous factors, many that are not in
management's control.
Contact:
Ted Jorgensen
Major Hemp President
Sipp Industries, Inc.
Investor Relations
ir@sippindustries.com
949.220.0435