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Spare Backup Buys Back 1 Million Shares From Robinson Reed at $1.25 per Share and Issues 2 Million Warrants Exercisable at $1.25 to DSG International
Spare Backup, Inc. (BULLETIN BOARD: SPBU) announced today that it has bought back 1 million shares of common stock from Robinson Reed at $1.25 per share. The purchase was made pursuant to a put option exercised by Robinson Reed whereby Spare had the option of repurchasing the stock or issuing $1 million worth of shares at $0.30. Additionally, Spare issued 2 million warrants to purchase its common stock at $1.25 to DSG as part of their previously announced marketing and sales agreement.
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