DALLAS, Dec. 01, 2016 (GLOBE NEWSWIRE) -- Bayport International Holdings, Inc. (OTC PINK:BAYP) announced today through its CEO, Clay Franks
, is intent to retire approximately 10% of all outstanding common shares.
Mr. Franks stated, "We are under new leadership now and aggressively moving into the legal cannabis industry. We could not be more thrilled with the myriad of opportunities this provides for Bayport International."
Mr. Franks also stated, "We want to establish credibility up front with our shareholders and make it crystal clear to them that we have their best interests in mind. As of today, we are retiring approximately 10% of all outstanding common shares. These shares were sitting in reserve and we have no need for them to be on the books in the near or intermediate term, so we felt it in the best interest of both the company and our shareholders to remove them altogether."
Mr. Franks went on to say, "Also, as a result of the recent retirement of former officers and board members from our company, the preferred shares that they held with voting rights are also being retired. We wanted to clean up the share structure completely prior to closing the first of several cannabis related acquisitions and these two steps should position us nicely for the future."
As a closing statement, Mr. Franks stated, "We have some more exciting news coming in the next couple of weeks related to both our current cannabis related acquisition target and other acquisitions as well. We will share via press release at the appropriate time."
The process of retiring stock can take several days to update through our Transfer agent and other sources.
About Bayport International Holdings, Inc.
Bayport International Holdings, Inc. is a holding company active in Oil & Gas, strategic metals, precious minerals and energy production. The company is also pursuing opportunities in the legal cannabis industry. The objective of the company is to provide diverse, yet practical investment opportunities to its shareholders.
Cautionary Note Regarding Forward-Looking Statements
This press release and the statements of representatives of Bayport International Holdings, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, Bayport's ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with OTC Markets (Pink Sheets). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
9330 LBJ Freeway
Dallas, TX 75243
Source: Bayport International Holdings