Sylios Corp (OTCMKTS:UNGS) had missed two of its major filings from last year, but recently the company released both its 3Q2014 and FY2014 report to once again become current on the OTCMKTS. Following its filing, Sylios also announced updates on operations and revealed an increase to its share re-purchase plan. Sylios focuses on two major industries, the exploration and development of oil & gas properties and investments in the medical marijuana industry.
Sylios recently received the go-ahead from its board of directors for an increase to the share re-purchase plan, originally instigated in January 2011. The original plan called for a purchase of common stock of worth $250,000, through public and/or private transactions. The increase would double this amount to $500,000, valid for up to 2-years from May 2015. The plan would make use of the company’s available cash and can be suspended or resumed at any point the management sees fit.
Updating on its recent developments, Sylios announced its plans for the marina development. Three builders have been called in to bid for the project and for interviewing. However, the company would first have to meet the submission deadlines set by the regulatory agencies involved. Sylios also took the opportunity to make public its plans for a second marina facility, which is in the final stages of planning. Sylios has planned to develop ten dockominiums, which would house yachts of 80-100’. The company expects to reach gross sales of $2.5-3 million through this project.
Sylios has already acquired two of the four permits required and is expected to begin construction shortly. The company’s GCC superstore is also under construction and the company has taken this time to add a new tier-1 supplier for marijuana related products. Sylios is hoping to sign more suppliers for the store, ahead of its completion.
Sylios Corp (OTCMKTS:UNGS) saw an immense trading session on June 1, with 1.91 billion shares changing hands. The stock gained 33.33% during the session to close at 0.0004.