LOS ANGELES--(BUSINESS WIRE)--Rightsmile, Inc., which is soon to be called Bud Genius, Inc. (Symbol: RIGH), today announced that its Board of Directors has signed an agreement resulting in the net repurchase of 1.499 billion shares of its own stock, almost 5% of the company’s outstanding shares. The repurchased Company shares have already been paid in full. The company is continuing to consider further share repurchases.
"We believe repurchasing our shares is a prudent use of our cash and we are pleased to continue Bud Genius’ commitment of returning value to shareholders through possible future share repurchases,” said CEO Angel Stanz, Bud Genius President and CEO. “Following our buyback, we will lower the company’s authorized shares. Our successful share repurchase contract shows our continued confidence in our strategy to generate long-term profitable growth and strong cash flow, and by this it reflects our commitment to delivering value to our shareholders."
Repurchases under Bud Genius’ new program may be made in open market or privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. This share repurchase plan does not obligate the company to acquire any particular amount of common stock, and it may be suspended at any time at the Company's discretion. The company had approximately 30 billion shares of Common Stock outstanding as of September 3, 2014, and will be reporting an approximate 28.5 billion shares as soon as transfers have settled.
About Bud Genius
An early leader in an industry that many are speculating will grow, Bud Genius is one of the first established analytical cannabis laboratories in the United States. Bud Genius was launched to bring vendors together with doctors, patients, and dispensaries that require certified products held to demanding standards. Bud Genius has a vision to expand across the US and abroad serving as the beacon of quality for medical cannabis and adult-use marijuana through the formation of regional laboratories. Certification, data collection, and online reports are the measure by which the company gains.
For more information please visit:
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.