Green Energy Resources Announces 2009 10% Stock Dividend and Reverse Split
December 03 2009 - 8:45AM
Marketwired
Green Energy Resources (PINKSHEETS: GRGR) announces a 10% stock
dividend for 2009 . The issue date and cutoff dates have not yet
been finalized but will be set for this December. The dividends
will be the first since the company issued a 10% dividend in 2007
and a 5% dividend in 2006.
Green Energy Resources also announced a reverse stock split. The
company plans a 10 to 1 reverse split. The reverse split will
create an approximate 15 million share float and a pre 2009 stock
value level of approximately 10 (ten) times current value. The
decision comes after the company conducted a 504 this year to help
raise capital in the wake of the 2008 global economic disaster. The
issuance of shares through a 504, diluted the stock value but was a
necessary action to help generate cash. Green Energy Resources
averted major debt in 2009 by obtaining loans against its letters
of credit. The company wants to restore investor confidence and
accurately reflect its core business model. The company's opinion
is that share value is not accurately reflected in fractions. The
company is submitting filings to FINRA for approval and plans to
move forward as soon as possible. An announcement will be made when
the calendar date is finalized. The goal is approximately 2 weeks
time. The company will likely receive a new cussip number and a new
symbol. The dividend date will be set shortly after the stock split
date is set. The reverse split is investor affirmative and
proactive.
The company believes the reverse split is fundamental to
resuming stock dividends to shareholders and retaining serious
investor integrity. The company also maintains a class of
"Preferred Shares" that are convertible to common stock at a ratio
of 100 to 1. The reverse split will enhance Preferred share value,
increase market capitalization and potential leverage value in a
potential merger, or facility purchase. The preferred shares will
not be a part of the stock split or pay dividends. As is the past,
Green Energy Resources executives will refuse and return stock
dividends intended to reward shareholders, not company
management.
Green Energy Resources Sales contracts for 2009 and 2010 have
rebounded sharply after 2008's global economic crash. Sales
revenues for 2009 are anticipated to be in the $20 million range,
down from higher expectations earlier in the year. 2010 revenues
will be revised, as exact starting dates of several domestic and
export deals remain subject to government regulatory permits both
in the US and abroad. The impact of the Copenhagen summit next week
in Denmark, which President Obama will attend, may also positively
affect US demand for biomass and wood pellets here in the United
States for the power generation industry.
Green Energy Resources is an environmentally friendly company
working to preserve global forests not cut them. The company
sources its wood from urban wood waste streams, storm damage, tree
farms etc. The company adheres to strict environmental rules of the
Urban Tree Certification System ( UTCS ) The company is not and
does not solicit investment, all releases reflect current market
conditions only And are subject to change without notice.
Except for historical information contained herein, the
statements in this release are forward-looking statements that are
made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties that
may cause the companies' actual results in future periods to differ
materially from forecasted results. Such risks and uncertainties
include, but are not limited to, market conditions, competitive
factors, the ability to successfully complete additional
financings, ship availability, fuel costs and other risks.
Contact: Green Energy Resources 631 375 7921
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