Believing its stock is being shorted by market makers who are selling shares they don’t own, Â International Spirit & Beverage Group Inc. said it would buy back shares with the goal of reducing the float by 25%.
The company’s board has also agreed to a restrictive covenant agreement that no stock will be converted through new note holder debt conversions to dilute the stock for the next six months. The company no longer needs to raise monies through toxic debt instruments that dilute the stock as revenues are increasing. The company is currently negotiating with all third party note holders to buy back their debt.