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.