April 15, 2008 - 7:09 PM EDT
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GREI 0.28 0.03
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Global Recycle Energy Enters Cotton Recycling Market: Changes Trading Symbol to GREI
GLOBAL RECYCLE ENERGY, INC. (FORMERLY CHARTER EQUITIES), (Pink Sheets:GREI), a Texas-based recycling company, today announced that it has redirected its business to focus on the cotton recycling market. Located in Lubbock, Texas, the Company’s primary focus is now the accumulation of cotton waste products from cotton growers which it further refines and separates to recapture unusable fibers, and then distributes those fibers for sale and use in China. Those fibers are used in combination with local products and produce a very durable, denim-like weave which is then sold to textile mills in need of the stiffer, more resilient fibers.
To align with this new corporate direction, the Company changed its name from Charter Equities to Global Recycle Energy, Inc. In addition, a restructuring of the corporate presence has been effected and new investment has been secured. The trading symbol was changed; effective April 15, 2008, to “GREI” and a 1-for-50 reverse implemented on that date. The Company also moved its state of incorporation from Arizona to Nevada.
Keven Yang has accepted the position as Global Recycle Energy’s President and Chairman, while O. C. Carrasco and Lin Yu have joined the Company’s Board of Directors. The Company is now headquartered in Lubbock, Texas with offices located at 1208 14th Street, Suite 500, Lubbock, Texas 79401.
Further information will follow shortly as the Company completes its business realignment.
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Global believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the recycling and textiles industries, such as bad crop results for a season, poor collection and distribution of the cotton motes, under-performing milling and reprocessing by Global, and a lack of customers for the refined product to due decreased needs for the textile products that would result from these fibers, leading to a material decline in revenues which could cause the Company to delay or suspend planned recycling operations or reduce production levels; and risks relating to the availability of capital to fund expansion operations that can be adversely affected by adverse market demands or crop production levels, and declines in cotton fiber and textile prices and other risk factors.
Global Recycle Energy, Inc.
Keven Yang, President, 806-687-6664
Source: Business Wire (April 15, 2008 - 7:09 PM EDT)
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