VEGA BIOFUELS, INC. (Pink Sheets: VGPR) announced today that it has completed the previously announced share reduction.
The Company recently announced it was cancelling 26.5 billion common shares, thus reducing the total number of Issued and Outstanding common shares from 31,004,522,195 to 4,504,522,195.
"We received confirmation from our Transfer Agent that the cancellation of the shares has been completed," stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. "Of the 4.5 billion common shares that are Issued and Outstanding, just over 2 billion are restricted, leaving approximately 2.5 billion common shares in the public float. The public float is the number of shares that are currently available for trading in the open market. Cancelling these shares puts our share structure more in line with our plans as we move forward with building our manufacturing plant in Cordele, Georgia and eliminates the need to conduct any kind of reverse split of our stock."
In addition to the reduction of common shares that are Issued and Outstanding, the Company also announced it would be reducing the number of Authorized Common Shares that may be issued by the Company. The Company's Articles of Incorporation have been amended to reduce the number of Authorized Common Shares from 50 billion to 10 billion. A copy of the Amendment has been sent to the Wyoming Secretary of State's office to officially amend the Company's Articles of Incorporation.
Vega recently announced plans to build a manufacturing plant in South Georgia that when completed will produce green energy bio-coal for use in existing coal fired power plants around the world. The manufacturing plant will be located in timber-rich Cordele, Georgia.
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," "plan," "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.
CONTACT: Vega Biofuels, Inc.: 800-481-0186
SOURCE Vega Biofuels, Inc.
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