Faqs tells MHProNews.com Tampa, Florida-based Deer Valley Corporation (DVLY:OTCBB) has agreed to purchase all of the company’s outstanding preferred stock from its majority shareholder, Vicis Capital Master Fund, as well as 1,096,291 shares of Deer Valley’s common stock. The option also gives the company the right to repurchase 12,310,359 shares of common stock now held by Vicis at $0.4305 to $0.593 per share between April 2, 2012 and June 1, 2013. The total purchase price including the option is $3,200,000. Deer Valley has a manufacturing facility in Guin, Alabama and a plant that is idle in Sulligent, AL.

(Image credit: Deer Valley Corp.)