CHEYENNE, WY -- July 31, 2015 -- InvestorsHub NewsWire --
SutimCo Inc. (OTC
PK: SUTI) ("The Company")
Today, the CEO and management of the company make the following
updates to shareholders:
Share Buyback: We are pleased to announce that the company
directors approved a plan to execute a buyback of shares on the
open market beginning the week of August 3, 2015. These shares will
be exchanged for certificates and classified as 144 restricted
stock. Our transfer agent will ultimately identify these shares in
the restricted share count of our company share structure. I am
grateful that management agreed unanimously that a share buyback is
a beneficial plan of action to attain our ultimate goals with the
company. The intent of lesser market shares is to achieve a higher
sustained stock price per share which generates stronger
negotiating power during acquisitions. The timing of this company
buyback is congruent with our exodus of convertible debenture
agreements which exist from former commitments prior to my ceo
position. The recent increases in our share structure are primarily
attached to former 144 conversions becoming due (as evidenced in
our previous company filings). Some of these notes have been
satisfied directly by the company to avoid conversion onto the
market. Management has agreed that no new note holders will exist
at least through the end of the 2015 calendar year. At present
Sutimco has sufficient access to funding as previously stated in
our June 19, 2015 press release. In addition, as ceo, I have agreed
to forfeit any salary for the remainder of 2015. To date, I have
not received any compensation via cash or shares for my duties as
ceo. I have voluntarily deferred all compensation until management
and I can clean our books and bring our share structure to a
manageable level which best benefits shareholders and the company.
I intend to reap the benefits of our company along with
shareholders, not prior to.
Accumulated Company Deficit: Management and I have been working
diligently with our company accountant to substantially reduce our
accumulated deficit on the books (as reflected in our quarterly
filings). Our current plan in motion has allowed us to deplete a
large portion of these liabilities. As previously mentioned in our
June 4, 2015 and June 19, 2015 press releases, a spinoff of the
company is in progress. Our private company is absorbing the
majority of this deficit while our public trading company will
retain the company assets with the benefit of a more tolerable
overall liability amount. Although a reduction is anticipated to
show in our upcoming 2nd quarter financials, the bulk of this
reduction will be impacted in our 3rd quarter filing for 2015. I am
quite pleased to report that management is estimating a total
approximate 75% reduction of liabilities to be disclosed in our
third quarter filing.
Name Change: As previously mentioned in our June 11, 2015 press
release, the company is undergoing a name/ticker change. We filed
for an official name change with FINRA. The Wyoming Secretary of
State now recognizes us under our new name Marijuana Venture
Capital Inc. Our new ticker symbol is expected to be MJVC. The
change is expected to take effect in August 2015.
Dividends: As shareholders are aware, the dividend application
(confirmation #2599731) was made and the copy of the paid receipt
was issued as a company press release on July 1, 2015. Our first
SutimCo dividend for Protek Capital has been reviewed by FINRA. We
did receive a response with conditions. Much of the requested
documentation necessary to execute this dividend is attached to
information dating back to ProPalms Inc. (the former company).
Management has been successful with obtaining all of the required
information. Although the processing of this dividend took longer
than expected, management intends to identify the dividend record
date of July 15, 2015, as previously stated. The distribution date
of this dividend is not expected to exceed 30 days of the July 30,
2015 stated date. The SutimCo outstanding share count already has a
reserve for these shares (including those being retired as well).
In addition, the second SutimCo dividend for ProTek shareholders is
scheduled with a record date of September 15, 2015 (as stated in
our June 10, 2015 press release). Last (as previously stated),
SutimCo shareholders will receive their own 100 to 1 company
dividend with a record date of October 1, 2015.
Canna and the City: We announced the completion of our venture
with Canna and the City of July 8, 2015. I am extremely excited to
inform shareholders that the doors are expected to open within the
next few weeks. The timing is perfect as the Oregon governor just
signed a bill, this past Tuesday, allowing retail sales of
marijuana as of October 1, 2015. I would like to wish owners Scot
and Lori a sensational grand opening. Since we are all in this
together, lets help support them with their social media mission to
obtain 1,000 twitter followers: https://twitter.com/cannantcity Jorge
Saenz, SutimCo Ceo
About Canna and the City:
Canna and the City is a medical marijuana dispensary that is
dedicated to providing their patients with the highest quality
medicine with the most enjoyable experience. They provide flower,
pre rolls, edibles and concentrates.
Some of the best recent Quotes:
In strict medical terms marijuana is far safer than many foods
we commonly consume. For example, eati ng 10 raw potatoes can
result in a toxic response. By comparison, it is physically
impossible to eat enoug h marijuana to induce death. Marijuana in
its natural form is one of the safest therapeutically active substa
nces known to man. By any measure of rational analysis marijuana
can be safely used within the supervis ed routine of medical
care.
[DEA Administrative Law Judge - 1988]
Francis Young
"When I was a kid I inhaled frequently. That was the point."
- Barack Obama, U.S. President quote on Marijuana
"I enjoy smoking cannabis and see no harm in it".
- Jennifer Aniston quote on Marijuana
"At the end of 2014, 15,992 people were licensed to work in the
marijuana industry in Colorado alone, an increase of 143% over the
previous year."
"A recent report from The ArcView Group, a cannabis research and
investment firm, dubbed legal mariju ana the fastest-growing
industry in the U.S. and valued it at $2.4 billion in 2014 - the
year legal, recreatio nal marijuana sales first started in
Colorado. ArcView is expecting the industry to grow by another 32%
this year."
I think people need to be educated to the fact that marijuana is
not a drug. Marijuana is a flower. God put it here Willie
Nelson
"'2014 was the year where the cannabis industry went from being
an interesting casual conversation to something any serious
business person has given a fleeting thought,' said Troy Dayton,
cofounder of The ArcView Group."
"Unlike other new industries, the demand for cannabis and
related products already exists, driving the sec tor's rapid
growth. The industry grew from $1.5 billion in 2013 to $2.7 billion
in 2014 - a 74% increase i n one year, according to The ArcView
Group's latest market analysis report."
Federal and state laws (should) be changed to no longer make it
a crime to possess marijuana for private use.
Richard M. Nixon About Sutimco Inc.
Sutimco Inc., is a development corporation with a focus and
design to enter a new and emerging Medicinal and Recreational use
Marijuana and Cannabis market sectors. The company is developing
rela tionships and contracts with product and service providers
that cover all aspects of this new and emerging market sector.
Forward-Looking Statements: The information posted in this
release may contain f orward-looking statements within the meaning
of the Private Securities Litigation Re form Act of 1995. You can
identify these statements by use of the words "may," "wil l,"
"should," "plans," "expects," "anticipates," "continue,"
"estimate," "project," "intend
," and similar expressions. Forward-looking statements involve
risks and uncertaintie s that could cause actual results to differ
materially from those projected or anticipa ted. These risks and
uncertainties include, but are not limited to, general economic and
business conditions, effects of continued geopolitical unrest and
regional confli cts, competition, changes in technology and methods
of marketing, delays in compl eting various engineering and
manufacturing programs, changes in customer order patterns, changes
in product mix, continued success in technological advances and
delivering technological innovations, shortages in components,
production delays d ue to performance quality issues with
outsourced components, and various other fa ctors beyond the
Company's control.
This release includes forward-looking statements within the
meaning of Sec tion 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange A ct of 1934. Certain statements set forth in
this press release constitute "forward-loo king statements.
Forward-looking statements include, without limitation, any stateme
nt that may predict, forecast, indicate, or imply future results,
performance or achievem ents, and
may contain the words "estimate", "project", "intend",
"forecast", "anticipate", "plan ", "planning", "expect", "believe",
"will likely", "should", "could", "would", "may" or wo rds or
expressions of similar meaning. Such statements are not guarantees
of future p erformance and are subject to risks and uncertainties
that could cause the companyactual results and financial position
to differ materially from those included within t he
forward-looking statements. Forward-looking statements involve
risks and uncertain ties, including those relating to the Company's
ability to grow its business. Actual result s may differ materially
from the results predicted and reported results should not be co
nsidered as an indication of future performance. The potential
risks and uncertaintie s include, among others, the Company's
limited operating history, the limited financia l resources, and
domestic or global economic conditions -- activities of competitors
an d the presence of new or additional competition and conditions
of equity markets.
Contact: stassan@sutimcointernational.com