Sunovia issues 35 million shares

SARASOTA -- Sunovia Energy Technologies Inc. issued more than 35 million shares of new common stock at the end of 2011, a newly released filing with the Securities and Exchange Commission shows.

According to the filing, roughly 25.8 million shares were sold to a group of 10 investors at a price of 2 cents per share, raising $516,800 in capital for the company.

Additionally, roughly 9.3 million shares were issued to two Sunovia employees, including CEO Art Buckland, to satisfy “deferred compensation obligations” worth $186,199.