AND DONT FORGET THIS EITHER $$$$$$$$ ENOUGH OF THE MANIPULATION FROM BASHERSI Green Innovations is Debt Free:
The Company has instituted a number of actions by removing the ability of holders of convertible debentures and preferred stock to convert these securities into Common Stock thereby eliminating the further dilution of the Common Stock and the shareholders’ position in the Company:
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Convertible debentures that the Company previously issued to YA Global Investments LP. (f/k/a Cornell Capital) have been paid in full. The Company no longer owes any monies to YA Global and YA Global can no longer convert the debentures into shares of the Company.
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The Company has amended the rights of the holders of its Series A Secured Preferred Stock (“Preferred Stock”) and has removed the right for holders to convert the Preferred Stock into the Company’s Common Stock. The Company has $1.44 million of Preferred Stock issued and outstanding. Additionally, the Company also removed the right for holders of the Preferred Stock to vote their stock as Common Stock.
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The Company has adopted a Share Buyback Program (the “Program”). Under the terms of the Program, the Board of Directors has authorized the management of the Company to make open market purchases of up to $75,000 from time to time during the next twelve months
Patent Filings & Technology Developments:
The Company will continue its research and development to generate new and improved product offerings while strengthening its intellectual property portfolio. Patents filed to date are listed below with five additional filings to follow:
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New interlocking paver and patio blocks.
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Recycled tire trash cans
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Vehicle mud flaps made of recycled tires
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Recycled tire pod with appliance recess guide
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The Company filed patents for the method of producing composite recycled bottle sheet products made from recycled plastic.
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The Company will be filing for several additional patents in the near future.
Assignment of Assets & Debtor’s Customers:
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On May 21, 2009, after filing suit against Atire Technologies, Inc. (“Atire”) for the collection of a $30,000 secured promissory note, the Company entered into a Stipulation of Settlement with Atire, whereby Atire agreed to transfer to the Company all of its rights, title and interest in various assets of Atire (the “Assets”). These assets included various machinery and supplies used in the fabrication of products from recycled tire rubber and the existing customer list of Atire. The Company has valued the machinery and supplies at Eighty Thousand Dollars ($80,000).
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New Products:
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B Green has commenced prototype development for products made from recycled plastic and from compressed flat composite recycled bottle sheets that retain the visible display of the recycled bottles.!!!!!!
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