Global Clean Energy Holdings, Inc. Announces 2010 Annual Shareholder Meeting Results and Reincorporation in Delaware
July 21 2010 - 2:21PM
Global Clean Energy Holdings, Inc. (OTCBB:GCEH), a California-based
biofuel feedstock development and operations company, announced
today the results of the 2010 Annual Shareholder Meeting held in
Los Angeles, California on July 15, 2010.
The following five agenda items were considered and approved by
the shareholders:
1. The re-election of all four Board of Director
members:
- David Walker
- Mark Bernstein
- Martin Wenzel
- Richard Palmer
2. Ratification of Hansen, Barnett &
Maxwell, P.C. as the company's independent auditors
3. Adoption of the 2010 Equity Incentive
Plan
4. Reincorporation of the company in the state
of Delaware
5. Amendment to the Articles of Incorporation
to grant permission to the Board of Directors to effect a reverse
stock split at a future date
The reincorporation of the company in Delaware and the approval
of the reverse stock split were approved with more than 94% of the
shares voted on these measures, voting in favor of these
actions.
After the voting was concluded, Richard Palmer, the company's
CEO and President, provided a brief overview of the company, its
goals, available services and current operations. An open
Question and Answer session was held with the shareholders who were
present. Mr. Palmer concluded the meeting by stating, "We want
to thank the shareholders for their votes and support of the Board
and Management. We are excited about our future growth
potential, and our ability to establish a strong base upon which to
grow the company."
On Monday, July 19, 2010, the reincorporation of the company
from a Utah corporation to a Delaware corporation was completed, as
approved by shareholders. In the reincorporation, each outstanding
share of the company's common stock was automatically converted
into one share of common stock of the surviving Delaware
corporation. Shareholders do not need to exchange their stock
certificates for stock certificates in the Delaware corporation.
The reincorporation did not result in any change in the company's
name, ticker symbol, CUSIP number, business, assets or operations.
The management and Board of Directors of the company will remain
the same.
The management and Board of Directors of the company believe
that the reincorporation of the company in Delaware will provide
the shareholders with the benefits of Delaware's laws and attract
more institutional investors.
The authority to execute a reverse stock split will enhance the
Company's ability to move its common stock to be listed on NASDAQ
or on another stock exchange. The Company will only execute the
reverse split if the Board believes there is a sound business
reason to do so which will increase shareholder value. As a service
to the shareholders who were unable to attend the shareholder
meeting, the meeting presentation is available on the company's
website at www.gceholdings.com.
About Global Clean Energy Holdings
Global Clean Energy Holdings, Inc. is an emerging renewable
agri-energy company focused on the production of non-food based
feedstock used as replacement for fossil fuels. More
information regarding Global Clean Energy Holdings, Inc. can be
found at www.gceholdings.com
Caution Regarding Forward-Looking
Statements
Any statements regarding Global Clean Energy Holdings, Inc.
expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and are
forward-looking statements for purposes of the Private Securities
Litigation Reform Act of 1995 (the "Act"). These statements are
often, but not always, made through the use of words or phrases
such as "believe," "feel", "will," "expect," "anticipate,"
"estimate," "intend," "plan," "forecast," "could," and "would".
Examples of such forward looking statements include statements
regarding the timing, design, scope, and anticipated results of its
efforts to plant, harvest, and commercialize feedstock oil from
Jatropha curcas in Mexico. Global Clean Energy Holdings bases these
forward-looking statements on current expectations about future
events. They involve known and unknown risks, uncertainties and
assumptions that may cause actual results, levels of activity,
performance or achievements to differ materially from those
expressed or implied by any forward-looking statement. Some of the
risks, uncertainties and assumptions that could cause actual
results to differ materially from estimates or projections in the
forward-looking statement include, but are not limited to, the risk
that we might not be able to raise sufficient funds to develop the
Jatropha plantations in Mexico, that we may face delays or other
difficulties in acquiring and cultivating Jatropha farm lands in
Mexico, that we may not be able to successfully commercialize
Jatropha oil as expected, that the market for our Jatropha products
will not grow as expected, and the risk that the Mexican Jatropha
project will not achieve expectations because of the risks normally
associated with creating a new business in a new market. For
additional information about risks and uncertainties Global Clean
Energy Holdings, Inc. faces, see the documents that Global Clean
Energy Holdings, Inc. has filed with the SEC. Global Clean Energy
Holdings, Inc. claims the protection of the safe harbor for
forward-looking statements under the Act, and assumes no obligation
and expressly disclaims any duty to update any forward-looking
statement to reflect events or circumstances after the date of this
news release or to reflect the occurrence of subsequent events.
CONTACT: Global Clean Energy Holdings, Inc.
Merilee Myers
mmyers@gceholdings.com
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