GSHF NEWS!!!!!!!+ 78% GreenShift's Engineering Services Portfolio Company to File for IPO PR Newswire - June 14, 2005 10:04 Offering to Serve as Initial Step in GreenWorks' Acquisition Strategy
MOUNT ARLINGTON, N.J., June 14, 2005 /PRNewswire-FirstCall via COMTEX/ -- GreenShift Corporation (OTC Bulletin Board: GSHF) today announced that its portfolio company, GreenWorks Engineering Corporation, a private environmental engineering services company, expects to file a registration statement in the third quarter of this year with the Securities and Exchange Commission relating to a proposed initial public offering (IPO) of its common stock. The IPO is expected to include a dividend of GreenWorks shares to GreenShift's shareholders.
"We continue to target and evaluate specific engineering and consulting services firms for possible acquisition," said Irving Cohen, CEP, Chief Executive Officer and President of GreenWorks Engineering. "We look forward to completing our IPO and realizing our goal to build a national engineering services company that specializes in bringing our clients cost-effective and environmentally sound solutions."
"With annual sales increasing to approximately $4 million and with a projected backlog of approximately $1.5 million, we have enhanced our profitability and have made incremental improvements to our balance sheet. While our receivables and days sales outstanding have also improved, we continue to have issues with liquidity, which we plan to resolve through increased profitability, equity and debt financings, as well as acquisitions," added Cohen.
Kevin Kreisler, chairman and chief executive officer of GreenShift, said, "GreenWorks Engineering represents a good turnaround story. The company was financially distressed a year ago before GreenShift acquired its initial stake. Since that time, GreenWorks' losses have been eliminated, its pre-tax margins have increased to approximately 10% of sales, and it continues to achieve organic top-line growth. And, importantly, they did all of the hard work themselves -- we only instilled some basic business discipline. We believe that GreenWorks Engineering is now ready to drive future performance through acquisitions and we are prepared to support them in that process."
"GreenShift's own ambition is to develop and support companies that contribute to the resolution of compelling environmental challenges and are profitable by doing so," added Kreisler. "GreenWorks Engineering provides a valuable array of services that help clean environmentally impaired properties and they produce good margins. We believe that GreenWorks Engineering is capable of eventually contributing substantially to the value of our portfolio and our intention is to enhance our own intrinsic value by assisting GreenWorks Engineering in its completion of strategic acquisitions that increase its book value and are accretive to its earnings."
About GreenWorks Engineering Corporation
GreenWorks Engineering Corporation has contracts to provide services to a diverse base of clients, ranging from insurance companies and law firms, to Fortune 500 companies, to utilities, to governments and municipalities. GreenWorks' immediate-term plans are to expand its core engineering operations as it seeks to negotiate and acquire distressed, environmentally contaminated properties. Additional information is available online at http://www.thegreenworks.com.
GreenWorks Engineering Corporation is a private company that is 60% owned by GreenShift Corporation.
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and contribute to the resolution of environmental challenges.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of growth stage public and private businesses and technologies that facilitate the efficient use of natural resources and contribute to the resolution of environmental challenges. GreenShift's current portfolio includes investments in the following environmentally proactive companies:
In addition, GreenShift hopes to add investments in wind power, hydropower, practical centralized applications of hydrogen power, alternative fuels, infrastructure and mining to its portfolio during 2005 and 2006.
Additional information regarding GreenShift Corporation is available online at http://www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE GreenShift Corporation
Jim Grainer, President and Chief Financial Officer of GreenShift Corporation, +1-973-398-8183, or Fax: 973-398-8037, investorrelations@greenshift.com; or KCSA Worldwide - Michael Cimini, +1-212-896-1233, mcimini@kcsa.com, or Garth Russell, +1-212-896-1250, grussell@kcsa.com
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