neu auf watch .0003
Sylios Corp. (PC) (UNGS)
UNGS 6 Month Chart
[Blocked Image: http://ih.advfn.com/p.php?pid=staticchart&s=NO%5EUNGS&t=26&showctype=1&width=300&height=192&p=4&cb=11]
Sylios Corp Increases Authorized Share Repurchase Plan
ST. PETERSBURG, FL / ACCESSWIRE / May 22, 2015 / Sylios Corp (PINKSHEETS: UNGS), a holding corporation with operations engaged in the exploration and development of oil and natural gas properties, real estate development, equity investments and the development of products utilized for the medical and recreational marijuana industry announced today that its Board of Directors has approved an increase to its January 2011 Share Repurchase Plan.
On May 21, 2015, the Board of Directors of the Company voted, at the request of Management, and approved an increase and extension to the January 11, 2011 Share Repurchase Plan. The Company was previously authorized to repurchase up to Two Hundred Fifty Thousand No/100 Dollars ($250,000) of its common stock in the open market or in privately negotiated transactions. The Company is now authorized to repurchase up to Five Hundred Thousand and NO/100 Dollars ($500,000) for a period of two years from the date of the May 21, 2015 resolution. The repurchase program will be funded by the Company's available cash and may be commenced or suspended at any time or from time to time. The plan will continue as long as periodic management reviews determine it to be fiscally feasible and may be discontinued at any time.
Certain covenants within the Company's previously issued Convertible Notes limited the amount and timing of shares available to be purchased under the Share Repurchase Plan. Now that these Convertible Notes have been retired, the Company's options for repurchases have been expanded.