CHARLOTTE, N.C., Sept. 24, 2014 (GLOBE NEWSWIRE) -- Revolutionary Concepts Inc., (OTCPINK:REVO), a publicly traded company that develops online mobile video software and remote security communication systems, announced that shares of its common stock jumped 29.55%, and its stock traded over 18.46 million shares after it reported that its global licensee Eyetalk365, LLC, filed complaints in the United States District Court against four companies, alleging patent infringement against Revolutionary's intellectual property.
Notification of the filing of the complaints was filed with the SEC on a Form 8-K Report. The Company is forecasting $60 to $80 million in estimated annual revenues from licensing fees and royalties could be generated from its global license agreement.
Investors were encouraged by the positive news, and rapidly bid up REVO's shares to $0.0057 at the close of the trading day for a gain of 29.55% over Monday's closing price of $0.0044. A total of 18,469,611, shares were traded yesterday, which was about 15.65 times the average daily trading volume of 1,179,866 shares.
REVO's Senior Vice president Solomon Ali states, "The positive interest in our Company is very encouraging. We believe this reflects growing confidence in REVO and our plans for growth. In spite of the fact that much of the stock market was down due to the major focus on the IPO for Alibaba last Friday, REVO's stock rose, and still attracted many investors. Of course we don't compare ourselves to Alibaba, but we're encouraged by the favorable response of the investment community."
About Revolutionary Concepts Inc.
REVO is 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. For more information visit www.revolutionaryconceptsinc.com.
Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Revolutionary Concepts Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.