Revolutionary Concepts in Major Contract Negotiations for $10 Million Credit Facility for Growth and Expansion
June 27 2014 - 8:45AM
Marketwired
Revolutionary Concepts in Major Contract Negotiations for $10
Million Credit Facility for Growth and Expansion
Greenwood Finance Group Spearheads Talks for Value Investing to
Increase Cash Flow
CHARLOTTE, NC--(Marketwired - Jun 27, 2014) -
Revolutionary Concepts Inc., (OTC Pink: REVO) (PINKSHEETS:
REVO), a publicly traded company that develops online mobile video
software and remote security communication systems, is in contract
negotiations with an investment company to obtain capital funding
for the growth and expansion of REVO and Greenwood Financial
Group. REVO, through its subsidiary Greenwood Finance
Group, is negotiating a $10 million credit facility to expand
and grow the operations of Greenwood and REVO.
The funds for the credit facility will be used for working
capital, acquisitions of other companies in the financial services
industry, and for its plans for future growth and expansion.
Greenwood Finance Group is spearheading the talks and negotiations
to obtain the $10 million credit facility. The capital funding
will also provide Greenwood with the strategic ability to purchase
and acquire alternative undervalued financial assets of other
companies for its portfolio. Greenwood plans to increase the net
asset value of these acquired assets to improve REVO and
Greenwood's overall fundamentals, cash flow and future profits.
REVO reported net income of $774,106 in its Form 10-Q Quarterly
Report for the three month period ended March 31, 2014.
Solomon Ali, REVO's Senior Vice President, says, "We are very
excited with the progress of the negotiations to obtain this new
$10 million credit facility. The executives at Greenwood Finance
are doing a very good job in moving the contract negotiations
forward as quickly as possible to the benefit of all the parties
involved. This will give Greenwood and REVO some distinct
competitive advantages in the financial services industry, and
position Greenwood to take advantage of a number of growing trends
in the small market and middle market capitalization market place
for the next few years. This should improve our Balance Sheet,
increase our cash flow and our drive toward profitability. This
should help in our efforts to grow, expand and have a positive
effect on our shareholders."
The final terms and conditions of the transaction will be
determined in the definitive agreement, which is subject to, among
other things, final due diligence by REVO and Greenwood, and other
conditions, and approvals by both companies'
management and board of directors. No assurances can
be provided that a definitive agreement will be executed.
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.
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.
For inquiries contact: Media Relations: Solomon Ali
704-837-5705