HOUSTON, Apr 24, 2014 (BUSINESS WIRE) — The Board of Solanbridge Group Inc. (OTC: SLNX) announces that on April 23, 2014, due to the commitment of Solanbridge Group Inc. to the medical marijuana industry, the Company has cancelled and retired 500 million common stock shares of SLNX. Those shares will be returned to the Company’s Treasury immediately.
Concurrent with the announcement of the Company’s total share reduction, the Company emphasizes that the long-term goal of the Company is to reduce the number of common stock shares by another 1 billion common stock shares over the next two months–for a total cancellation and retirement of 1.5 billion common stock shares. Based upon the Company’s share structure announced in the Company’s Annual Report, after total common stock share retirement, the Company will have a total number of issued and outstanding shares of approximately 949 million shares. The total number of shares to be retired will not be removed from the float, but will come from the holdings of the Company’s CEO, Mr. David M. Green. Mr. Green will continue to run the operations of the restaurant.
The Company continues to pursue a commercial grower’s license in Province of Nova Scotia. Plans have been developed to hire a full-time staff member to administer the application process, acquire a building, equip the building with a state-of-the-art security system, and build out all aspects of a commercial medical marijuana grower’s production facility. The share reduction will provide the Company with access to common stock shares to raise capital for the Company’s medical marijuana plans. The MOU signed by the Company on March 29, 2014 still plans to close on time.
About Solanbridge Group Inc.
Solanbridge Group Inc. is based in Spring, Texas and is a diversified holding company looking to expand into the medical marijuana industry by developing a commercial grower’s license in the Province of Nova Scotia, Canada. Solanbridge’s subsidiary, David’s Steak and Seafood, in Melbourne Beach, Florida, is a classic, upscale steak house, which presents polished dining in an atmosphere of timeless elegance, offering guests the finest cuts of choice USDA meats, fresh seafood and much more.
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 Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.