Friday 7/22/2011 GreenShift Announces Reverse Stock Split
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GreenShift Corporation (OTCQB: GERS) today announced a 1 for 1,000 reverse stock split of its common stock.
"We have streamlined and improved our business over the past two years and we are a much different company today," said Kevin Kreisler, chief executive officer of GreenShift. "The time has come to do the same with our capital structure given recent progress in meeting our goals.
"We have reduced debt by about another $7 million, transitioned to operating income, strengthened our patent portfolio, and won substantial new business during 2011. In total, we have executed licenses with about 15% of the ethanol industry, with execution of additional licenses expected during the second half of this year. We have worked and will continue to work with our existing and new licensees to commence and maximize oil production this year, and we expect to be generating sufficient annualized sales by the end of this year to achieve profitability.
"Additional debt reduction and improvement of our balance sheet are among our previously-announced targets for the balance of this year. The reverse stock split is intended to facilitate realization of these objectives while positioning the company to take advantage of strategic growth and other opportunities as they materialize."
The reverse split is expected to become effective during the latter half of the third quarter of 2011. Every thousand shares of issued and outstanding GreenShift common stock will be automatically combined into one issued and outstanding share of common stock, without any change in the par value per share. This will reduce the number of outstanding shares of common stock from approximately 14 billion to about 14 million. GreenShift common stock will continue trading on the OTCQB under the symbol "GERS" but will trade under a new CUSIP number.
