Sylios Corp (OTCMKTS:UNGS) a holding firm engaged in the development and exploration of oil and natural gas assets, equity investments, real estate development, and the advancement of products used for the recreational and medical marijuana industry announced that it will provide monthly update on all planned and underway projects and interim releases as certain objectives are achieved.
Sylios management said that the company appreciates and acknowledges the support of its shareholders, and therefore have decided to issue a monthly Shareholder Update on underway projects. It will provide shareholders a clear picture of project developments. Moreover, as certain planned objectives are achieved between monthly updates, the management will release this information to shareholders.
The development and completion of various current projects are overseen by parties that are not associated with the Company. Delays are expected with the projects under development. However, Sylios team is working hard to advance with all projects in a timely fashion.
Share repurchase plan
In unrelated news, Sylios Corp (OTCMKTS:UNGS) reported that its Board had approved an increase to company’s January 2011 Share Repurchase Program. The Board of Directors voted on May 21, 2015 and approved an extension and increase to the Share Repurchase Plan.
The Company was earlier allowed to repurchase up to $250,000 of its common stock in privately negotiated or the open market transactions. Sylios is now allowed to repurchase up to $500,000 for duration of two years from the effective date of the May 21, 2015 resolution. The plan will be funded by the available capital and may be suspended or commenced from time to time or at any time.
The future ahead
The program will last as long as periodic management reviews establish it to be financially feasible. Thereafter, it can be discontinued at any time. The company reported that certain covenants within the previously issued Notes limited the timing and amount of available shares under the Share Repurchase Program.