GreenShift Announces Debt Reduction
By Business Wire News
By Business Wire News
GreenShift Corporation (OTCQB: GERS) (“GreenShift” or the “Company”) today announced its completion of a series of transactions resulting in the reduction of GreenShift’s total liabilities to an estimated $14 million as of December 31, 2015.
The Company expects to reduce an additional $3 million in debt prior to March 31, 2016, in exchange for about $400,000 in cash, which has been deposited in escrow pending acceptance of settlement terms by the various debt holders. If those additional settlements are completed, GreenShift’s remaining liabilities will be primarily comprised of about $8.5 million in convertible debt.
“We intend to eliminate the balance of the Company’s overhang on shareholder-friendly terms and press towards a simplified capital structure as quickly as possible,” said Kevin Kreisler, GreenShift’s Chief Executive Officer. “Our plan to do so involves the restructuring and elimination of the majority of our remaining convertible debt, followed by the conversion of our preferred stock into common stock. We believe that these steps will be important to our ability to raise growth capital, which we hope to achieve this year on favorable terms and at valuations in excess of those reflected by the current price of our stock.”
Additional information on the recently completed transactions is available online in GreenShift’s Current Report on Form 8K filed on January 26, 2016.
About GreenShift Corporation
GreenShift Corporation (OTCQB: GERS) develops and commercializes clean technologies that facilitate the more efficient use of natural resources. GreenShift is focused on doing so today in the U.S. ethanol industry, where GreenShift innovates and offers technologies that improve the profitability of licensed ethanol producers. Additional information on GreenShift and its technologies is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements that 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 the Company and members of its 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 commodity prices and 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.