SAKL Signs Stock Buy Back Agreement for $425K
Salt Lake City, UT -- May 3, 2016 -- InvestorsHub NewsWire
-- Sack Lunch Productions, Inc. (OTC
PINK:
SAKL), reports that it has signed an agreement to redeem 85,000
shares of its Series C preferred stock with a face value of
$425,000. The agreement calls for monthly payments of $25,000 until
January 2017 when the balance owing will be due. At the conclusion
of the agreement, the shares will be returned to the treasury as
unissued and authorized.
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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Please visit our websites to find the next event in your area:
www.slidethecity.com, www.thelanternfest.com, http://www.thedirtydash.com, www.trikeriot.com and www.colormerad.com .
About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (OTC PINK: SAKL) is an
entertainment company that operates and franchises action oriented
events in the U.S. and internationally. SAKL's events include:
Slide the City (1,000 foot long water slide for families and kids),
Color Me Rad (5k color race), The Dirty Dash (mud and obstacle
run), and The Lantern Fest (nighttime party with lantern lighting
and launch). Learn more about SAKL's operations at www.sacklunchproductions.com, www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, www.colormerad.com, www.trikeriot.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. 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.
IR CONTACT:
Bruce Haase
RedChip Companies, Inc.
800.733.2447, ext. 131
bruce@redchip.com