Interesting news out....
Vencor Announces Reduction of 2 Billion Authorized Shares
BOULDER, CO--(Marketwired - Mar 10, 2015) - Vencor International, Inc. (OTC PINK: VCOR) announced today that the Company has reduced the number of authorized common shares from five billion to three billion.
James Gaspard, CEO of Vencor International, stated, "Our main goal is to build a strong and profitable company. In addition to the operations part of our business, we felt that it was important to build investor confidence in the securities side of our business as well. This is the first step in that process. We felt that by lowering the authorized number by 40%, it would show the investment community that we were not relying on dilution of our common stock to fund the business."
The Board of Directors of Vencor International approved the reduction of authorized common shares on March 9, 2015 and has filed the necessary paperwork with the State of Utah to amend the Company's Articles of Incorporation. This amendment does not affect the par value of the Company's common shares or the share price.
Vencor is in the business of manufacturing a torrefied wood product, also known as Bio-Coal that can replace traditional coal in coal-fired power plants around the world. Bio-coal is a renewable energy product produced from timber waste using technology called torrefaction. The physical and energetic properties of the biomass are then much more comparable to conventional coal. The torrefaction process has the added benefit of reducing or eliminating undesirable volatiles, such as nitrous oxides and sulfur dioxides in the Bio-coal. Bio-coal is considered carbon neutral to the environment. The key property that makes Bio-coal attractive for co-firing in existing coal-fired power stations is its superior grind ability compared to untreated or fresh biomass. Bio-Coal has a high energy density and is considered a renewable energy fuel that meets the Renewable Portfolio Standards and Renewable Energy Credits (RECs) in the United States.
For more information about Vencor International, Inc., visit the Company's corporate website: vencorintl.com
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
