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BPS initiates coverage on UNION EQUITY INC (OTCMKTS:UNQT)

BPS initiates coverage on UNION EQUITY INC (OTCMKTS:UNQT)
Written by
Aaron Smith
Published on
October 29, 2014
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On 22nd October’14, BrilliantPennyStocks.com initiated coverage on UNQT. The stock moved up by 100% since the coverage was initiated.

Pursuant to its July 8th update UNION EQUITY INC (OTCMKTS:UNQT) went on to release the final details pertaining to its share cancellation exercise on 30th July. It also filed the updated reports to this effect with the OTC Markets on the same day.

The Reasoning Behind The Share Cancellation

Its CEO JT Thornburg in consultation with the Board of Directors had previously decided to execute the share retirement program. The plan involved the cancellation of one billion shares, which were owned by Mr. JT Thornburg.

Post the completion of the cancellation exercise, CEO Thornburg went on to explain that, "I believe this share retirement program will help to better our company and greatly improve our share structure."

Thanks Investors For Backing Share Cancellation

The company also followed up with a public statement in which it thanked the strong backing it received from the majority of its shareholders for completing this exercise in a short period of time. It went on to assert that the new shareholding pattern would help the firm grow its business further at a faster growth pace.

Continues To Take Advantage Of New Ideas

The statement by the INDIANAPOLIS, INDIANA based firm expressed satisfaction that it was able to complete the exercise in a time bound manner. It also reiterated the resolve of its management team to continue to explore newer ideas, which would help increase shareholder value in addition to business expansion.

Financial Implications Not Clear

The financial implications of the restricting of the shares and holding structure was not immediately disclosed by UNION EQUITY INC (OTCMKTS:UNQT). Post the share restricting exercise, CEO JT Thornburg would be left with only 800 million shares as against the 1.8 million shares of the company stock he held prior to this exercise. The pink sheet stock has a total market valuation of $749,600 as of Oct 28th market close.

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