Sibannac, Inc. Returns 102,233,482 Reserved Shares Back to the Treasury
Scottsdale, Arizona, June 10, 2021 (GLOBE NEWSWIRE) -- Sibannac, Inc. (OTC Pink: SNNC), a Nevada corporation (the “Company”), announced the following:
On February 10, 2021 the Company entered into a debt financing Agreement with Continuation Capital, Inc., a Delaware corporation (“CCI”), to capitalize the product and branding efforts being spearheaded by Liftetime Branding on behalf of the Company.
Under the Agreement, the Company agreed to issue shares of its common stock to CCI in exchange for payment to Liftetime in the aggregate amount of $432,000.00. Prior to its entering into the Agreement, CCI had purchased the accrued billings from Lifetime, pursuant to a claim purchase agreement authorized under section 3(a)10 of the Securities Act of 1933.
The branding campaign began in July 2020 when the share price was $.02. The Company is pleased to announce that CCI has completed the financing agreement and has sold through its position, allowing the Company to return the contracted reserved shares back to the treasury. As of the close of business on June 9, 2021, the share price was $.27, reflecting a 1,350% increase over the financing period and all the accrued debt has been fully retired.
The Company and Lifetime are continuing to build the brand assets under , and will be announcing the launch of the highly anticipated, next generation wellness brand, very soon.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Sibannac, Inc. (the “Company”), its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
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