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HEGP Reduces Issued and Outstanding Shares By 42 Million
Friday October 27, 2:54 pm ET
ALEXANDRIA, La.--(BUSINESS WIRE)--Heartland Energy Group Inc. (Pink Sheets:HEGP - News) announced today that it has retired 42,455,000 shares.
The company has now completed the divesture of Plantworld International, Inc and as such, the shares that were issued in the transaction have now been cancelled. Roy Thornhill stated: "The board has decided to immediately reduce Heartland Energy's issued and outstanding shares by 42,455,000 shares. We have done this to preserve and increase our shareholder value."
Ethanol Industry:
The growing interest in ethanol, a clean, corn-based renewable resource, has paralleled the escalating price of gas and the urgent need to break the country's dependence on crude oil. Recently, the Big Three automobile manufacturers, GM (NYSE:GM - News), Ford (NYSE:F - News), and DaimlerChrysler (NYSE:DCX - News), appealed to Congress for incentives to increase the number of gas stations that offer blends of ethanol. Last year, Microsoft (NasdaqGS:MSFT) co-founder Bill Gates invested $84 million into Pacific Ethanol (NasdaqGM:PEIX). Sir Richard Branson, chairman of the Virgin Group and worth an estimated $3 Billion, has plans to invest $300 to $400 million to produce and market this alternative fuel. Vinod Khosla, "guru" of Silicon Valley, co-founder of Sun Microsystems (NasdaqGS:SUNW), and one of ethanol's most vocal advocates, has personally invested millions in private companies involved in the development of ethanol.
About Heartland Energy Group, Inc.:
Heartland Energy Group, Inc. is a North American-based alternative fuel resource and service company, dedicated to developing the infrastructure for the delivery of ethanol (e85). Heartland seeks to eliminate North America's dependency on foreign energy sources by focusing on innovative engineering that will enable the mass distribution of ethanol. Heartland Energy Group will transcend the future of renewable energy resources, with the ultimate goal of creating a cleaner brighter energy solution for North America. For more information, visit us at www.HeartlandEnergyGroup.com.
Forward-Looking Statements:
Based on current expectations and assumptions, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical experience and projections. Such forward-looking statements are inherently uncertain, and actual results may differ from those expressed or implied. Consequently, readers should not place undue reliance on any forward-looking statements. Heartland Energy Group, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Heartland Energy Group, Inc.
Roy Thornhill, 318-449-9490
www.heartlandenergygroup.com
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Source: Heartland Energy Group Inc.
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