Revolutionary Concepts Inc., a publicly traded company that develops online mobile video software and remote security communication systems, is in contract negotiations with an investment company to obtain capital funding for the growth and expansion of REVO and Greenwood Financial Group. REVO, through its subsidiary Greenwood Finance Group, is negotiating a $10 million credit facility to expand and grow the operations of Greenwood and REVO.
The funds for the credit facility will be used for working capital, acquisitions of other companies in the financial services industry, and for its plans for future growth and expansion. Greenwood Finance Group is spearheading the talks and negotiations to obtain the $10 million credit facility. The capital funding will also provide Greenwood with the strategic ability to purchase and acquire alternative undervalued financial assets of other companies for its portfolio. Greenwood plans to increase the net asset value of these acquired assets to improve REVO and Greenwood's overall fundamentals, cash flow and future profits. REVO reported net income of $774,106 in its Form 10-Q Quarterly Report for the three month period ended March 31, 2014.
Solomon Ali, REVO's Senior Vice President, says, "We are very excited with the progress of the negotiations to obtain this new $10 million credit facility. The executives at Greenwood Finance are doing a very good job in moving the contract negotiations forward as quickly as possible to the benefit of all the parties involved. This will give Greenwood and REVO some distinct competitive advantages in the financial services industry, and position Greenwood to take advantage of a number of growing trends in the small market and middle market capitalization market place for the next few years. This should improve our Balance Sheet, increase our cash flow and our drive toward profitability. This should help in our efforts to grow, expand and have a positive effect on our shareholders."
The final terms and conditions of the transaction will be determined in the definitive agreement, which is subject to, among other things, final due diligence by REVO and Greenwood, and other conditions, and approvals by both companies' management and board of directors. No assurances can be provided that a definitive agreement will be executed.EVO's primary business is the design and development of the "EyeTalk" Communicator technology, a mobile video, remote smart camera security technology. The system is designed to provide nationwide protection and monitoring of homes and businesses against multiple threats including robbery, fire, theft, burglary and other intrusions through mobile phones, wireless video and remote smart camera security technology. REVO holds patented and patent pending applications that utilize the technology in medical/healthcare, sporting events, child monitoring and several other key areas.