Forterra Abandons Share Consolidation
June 17 2008 - 8:37AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: FTE) announced that it does not
expect to proceed with the recently approved share
consolidation.
On June 4, 2008, shareholders approved a resolution authorizing
the consolidation of Forterra's common shares on up to a 1-for-5
basis. That shareholder resolution gave the board of directors the
authority not to proceed with the consolidation or to consolidate
the common shares on a basis less than 1-for-5.
The principal purpose of the consolidation was to allow for a
financing by Forterra, possibly including warrants or convertible
debt. The TSX Venture Exchange will not permit warrants or
convertible debt exercisable at less than $0.10 per share. The
shares of Forterra were trading below this price at the time the
consolidation was announced and the consolidation was intended to
increase the share price.
The shares of Forterra have traded above $0.10 since shortly
before the recent shareholders meeting. The board of directors has
concluded that the consolidation is no longer necessary in order to
proceed with a financing. However, the board has reserved the right
to proceed with the consolidation, if necessary.
About Forterra Environmental Corp.
Forterra Environmental Corp. is an emerging leader in the
production and marketing of premium organic soil enrichment
products. These environmentally friendly products boost fertility
while replenishing the soil with organic matter, using worm
castings, for sustainable, long-term benefits, including stronger
root growth and drought and pest resistance. Forterra is the first
company to commercialize the indoor, large-scale production of
totally organic soil-enrichment products. Forterra uses red
wriggler worms to convert organic waste into vermicompost or worm
castings. Worm castings contain micronutrients, which are required
for healthy plant development. Worm castings also contain microbes,
which increase the rate at which plants take up available
macronutrients and micronutrients.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Forterra Environmental Corp. Donald Green Chairman and
Chief Executive Officer (905) 634-8647 Email:
green@forterra.com
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