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Replies to post #41063 on Greenshift Corporation (GERS)
Between December 22, 2014 and March 9, 2015
GreenShift Corporation has issued 596,357,050 shares
of common stock upon the conversion of debt.
There are now 1,733,158,210 shares of common stock outstanding.
The new shares were issued in separate transactions with investors, each of which exercised its right to convert derivative securities issued by the Company in prior periods.
GreenShift Provides Patent Litigation Update
Alpharetta, GA, October 27, 2014 – GS CleanTech Corporation, a wholly owned subsidiary of GreenShift Corporation (OTCQB: GERS), today announced that on October 23, 2014 the District Court in Indiana ruled in favor of the defendants on their motions for summary judgment against the corn oil extraction patents that have been issued to GS CleanTech.
GreenShift strongly disagrees with the Judge's ruling and intends to mount a vigorous appeal. It is important to note that all patents remain valid until the appeals process is exhausted. This may be an initial victory to GreenShift's opponents, but as the inventors of the corn oil extraction process that has been adopted by the vast majority of ethanol plants, GreenShift expects to ultimately prevail.
Between December 22, 2014 and March 9, 2015
GreenShift Corporation has issued 596,357,050 shares
of common stock upon the conversion of debt.
There are now 1,733,158,210 shares of common stock outstanding.
The new shares were issued in separate transactions with investors, each of which exercised its right to convert derivative securities issued by the Company in prior periods.
The resale of shares acquired by our lenders is likely to reduce the market price of our common stock. We may be required to amend our certificate of incorporation to again reverse split our common stock.
Our lenders own convertible debentures issued by the Company, which permit our lenders to acquire Company common stock and resell it to the public. At the current market price, our lenders could collectively convert their debentures into over 90% of our outstanding common stock. We implemented a 1-for-1000 reverse stock split in April 2014. However, it is likely that resale of shares by our lenders will continue to reduce the market price for our common stock and cause substantial dilution. It is possible, therefore, that additional reverse stock splits will be required in the future.
Judge’s ruling is not final
On October 23, 2014 the District Court in Indiana ruled in favor of defendants on their motions for summary judgment alleging that the corn oil extraction patents that have been issued to GS CleanTech were invalid. The judge’s ruling in the MDL case is not final as there are additional issues in the case that are not resolved. The Company strongly disagrees with the Judge’s ruling, intends to mount a vigorous appeal and notes that all patents remain valid until the appeals process is exhausted.
