The Board of Directors and
Controlling Shareholder
Approves Decrease of SAKLs
Authorized Shares
SALT LAKE CITY, UT -- September 23, 2015 -- InvestorsHub
NewsWire -- Sack Lunch Productions, Inc. (OTC PINK:
SAKL), a publicly traded entertainment company with operations
in event management and film, announced today that its board of
directors and the majority shareholder has approved an action
to decrease its authorized shares from 25 Billion to 990 Million
shares. The necessary documentation to decrease its authorized
shares including notices and the amendment to its articles of
incorporation has been filed with the State of Utah. The action
will become effective no later than October 15, 2015 with the
state.
The move to decrease the authorized shares comes just after the
company approved the buyback or cancellation of 614,000 shares of
its Series C Preferred shares. Of the shares approved for
cancellation, 369,072 have been redeemed. Each of the Series C
Preferred shares had a stated value of $5.00 per share that was
convertible into common shares. The remaining shares are subject to
rigid conversion restrictions. In addition, nearly $700,000 worth
of debt was extinguished from our balance sheet.
As a result of being able to write off the debt and the
redemption or cancellation of the Series C Preferred stock, the
board is able to reduce the authorized shares without any adverse
effect to its balance sheet.
Richard Surber, CEO, of SAKL, stated, There are no toxic
debentures that convert into common shares of SAKL on its books. I
want to reiterate that I expect further significant improvements to
SAKLs balance sheet, statement of income, and statement of cash
flows in the third quarter and for the year ending December 31,
2015.
Mr. Surber continued, It should also be noted that no insiders
can sell any shares into the open market until SAKL files a
registration statement with Securities and Exchange Commission. Our
plan is to bring SAKL back to fully reporting status as soon as
possible and immediately up list to OTCQB. I have my eye on a
listing with the American Stock Exchange or NASDAQ Small-Cap. I
believe we will be able to meet the requirements at the close of
2016 based upon our current projections.
About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (OTC PINK: SAKL) is an
entertainment company with operations that include: event
management, film production, and distribution services. SAKL's
wholly owned subsidiaries include: Color Me Rad, LLC, The Dirty
Dash, LLC, and WG Productions Company which holds a majority
interest in Slide the City, LLC and Lantern Fest, LLC. SAKL also
holds a majority interest in Green Endeavors, Inc. (OTC PINK:
GRNE). Learn more about SAKL's operations at www.sacklunchproductions.com,
www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, www.colormerad.com, and www.green-endeavors.com.
SAKL strongly encourages the public to read the above information in conjunction with its reports filed at www.otcmarkets.com. SAKL will
require a significant influx of capital in order to effectively
execute upon its various operational plans. The actual results that
SAKL may achieve could differ materially from any forward-looking
statements due to such risks and uncertainties. Investors should
not invest more than they can afford to lose in penny stocks.
