CLASSIC BS PR FROM ERBB... MY FAVORITE IS “As each of the American Green enterprises begins its transition out of “development stage” toward becoming ongoing profitable businesses”.
This is hilarious given it is a 20 year old company who is hemorrhaging cash.
PHOENIX, AZ, Sept. 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Today American Green (ERBBD:OTC) announced that the Company has filed with the State of Wyoming and FINRA to execute a reverse stock split with a ratio of 1 for 500, which becomes effective today. The Roll Back was approved by the Company’s Board of Directors and a majority vote of its shareholders in compliance with its state laws and federal regulatory authorities and will have no inherent effect or change on either the Company’s total market capitalization or shareholder value as of the opening bell of trading this morning.
This is part of the Company’s plan to increase shareholder value in a number of ways. The Board of Directors believes that undertaking this reverse split is critically necessary for capital-raising purposes and believes the new, higher share price will increase the company’s visibility to a wider variety of shareholders and expects this action will have an overall beneficial effect to shareholders as well as the Company.
According to David Gwyther, American Green’s president, “The Company’s share restructuring was necessary to make possible the following:
The Company will be able to attract investment into American Green using more traditional financing sources;
Improve the trading price of ERBB shares;
Enhance the marketability and liquidity of ERBB common stock;
With the share price now over a penny ($.01), investor’s share deposits will not be subject to new FINRA rules implementing bond requirements for brokerage firms depositing shares on their customer’s behalf that are valued at less than a penny.”
As each of the American Green enterprises begins its transition out of “development stage” toward becoming ongoing profitable businesses, substantial investment in the cannabis and CBD sectors still remain a requirement in order to grow each enterprise into the future and to attract a wider group of investors.
The Company believes the new increased share price, along with the proportional reduction of outstanding shares, could help American Green attract this needed capital.
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