NEW YORK--Greene Concepts, Inc. (OTC:LKEN) announced today that its Board of Directors approved a 1-for-100 reverse stock split (the "Split") of its Common Stock while simultaneously effected a significant decrease in the company's Authorized share count to 3 billion . The Split will begin trading on a Split-adjusted basis per FINRA Confirmation on August 1st. The par value of the Stock after the Split will remain and the Stock will continue to be traded on the Pink Sheets under the symbol "LKEN", the letter "D" will be added by to the symbol for a limited time after the Split.
Company CEO, Lenny Greene states, “A reverse split is conducted out of a need to remain trading, when a company's capital structure bounds to a level where the market cannot trade at a price low enough to speak to the market cap, a reverse stock-split corrects the market. Generally speaking only 22 percent of those stocks have slipped back to prices below the pre-split price and with LKEN growing exponentially every day, we believe this will not be the case. This doesn't change a company's finances or the true market value but, does allow us to have the support of those sidelined by an over-diluted market.”
Reverse splits have a negative stigma. This failsafe measure allows all investors involved to have the safety of enhanced liquidity and market stability. So long as a company does not have dilutive intentions post-split, the company will be more stable than ever before and will have the ability to aggressively pursue operations and bring the business plan forward. Lenny is passionate about making sure all current and future shareholders will be happy with the long-term success of Greene Concepts. He emphasizes, “We want to be a healthy company, making this a win, win situation for all – shareholders, customers, and the company.”
Greene was quoted as saying “while a tough decision had to be made our Board did not enter this motion without extreme thought and understanding that this motion was necessary to take Greene Concepts where we all want it to be.” He continues “we have a concise strategy on moving the company forward and driving shareholder's value and are sincerely thankful for the continued support from long-term shareholders and for the guidance from our consultants as we launch necessary initiatives which have been a long-time coming”.
Pacific Stock Transfer, Inc., Greene Concepts' transfer agent, will be acting as the exchange agent for the Split. Shareholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares. Shareholders who have existing stock certificates will receive instructions from the exchange agent after the Split becomes effective.
Greene Concepts, Inc. is an ink technology Manufacturing and Distribution Company headquartered in Fresno, CA. Chairman and Founder Lenny Greene has spent the past 30 years serving the printing needs of businesses and consumers. Greene Concepts intends to be the catalyst for the introduction of a number of innovative products and marketing strategies and to bring the world the best products at the lowest prices so consumers and business can save time, save money, print more and print better.
AccuBrite, Inc. creator of FreeInk4Life(TM), Refills4You(TM) and INKWAY USA(TM) has developed a family of 25 “Do It Yourself Ink Cartridge Refilling Systems.” All refilling tools, accessories, filling stations, interactive CD-Rom instruction manual including bonus software, 24/7 customer service / tech support and unlimited ink refills are available. Consumers can now save thousands of dollars annually without replacing their inkjet cartridges using ABI's top of the line refill kits.
INKWAY USA is a consumer direct affiliate marketing ink and toner technology Distribution Company. We market and sell over 1000 advanced and exceptional proprietary ink and toner “Do It Yourself” Refilling Systems and other products for all inkjet and toner cartridges. The most expensive liquid in the world is ink. And you are in the perfect place to take advantage of this by purchasing one (or more) of our 400 available Founding Units. Our model is consumer direct affiliate marketing and our design ensures long term growth and stability. We are set to explode in 2012... Marketing, sales, and fulfillment for retail products are coordinated at its offices in Fresno, CA. Consumers and businesses save thousands of dollars annually buying our products. INKWAY USA will also compete in the global market place by marketing and signing distributors in Europe, The Pacific Rim, and Asia.
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“Do It Yourself Ink Cartridge Refilling Systems.”The purpose of the Split is to raise the per share trading price of the Stock to appeal to a higher tier investor pool as the company has engaged consultants to move the company to a fully SEC reporting market tier and facilitate a move to the OTCQB. This is of course a requirement to engage the interest of Investment Banks and Institutional Investors.
Company CEO, Lenny Greene states, “A reverse split is conducted out of a need to remain trading, when a company's capital structure bounds to a level where the market cannot trade at a price low enough to speak to the market cap, a reverse stock-split corrects the market. Generally speaking only 22 percent of those stocks have slipped back to prices below the pre-split price and with LKEN growing exponentially every day, we believe this will not be the case. This doesn't change a company's finances or the true market value but, does allow us to have the support of those sidelined by an over-diluted market.”
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Reverse splits have a negative stigma. This failsafe measure allows all investors involved to have the safety of enhanced liquidity and market stability. So long as a company does not have dilutive intentions post-split, the company will be more stable than ever before and will have the ability to aggressively pursue operations and bring the business plan forward. Lenny is passionate about making sure all current and future shareholders will be happy with the long-term success of Greene Concepts. He emphasizes, “We want to be a healthy company, making this a win, win situation for all – shareholders, customers, and the company.”
Greene was quoted as saying “while a tough decision had to be made our Board did not enter this motion without extreme thought and understanding that this motion was necessary to take Greene Concepts where we all want it to be.” He continues “we have a concise strategy on moving the company forward and driving shareholder's value and are sincerely thankful for the continued support from long-term shareholders and for the guidance from our consultants as we launch necessary initiatives which have been a long-time coming”.
Pacific Stock Transfer, Inc., Greene Concepts' transfer agent, will be acting as the exchange agent for the Split. Shareholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares. Shareholders who have existing stock certificates will receive instructions from the exchange agent after the Split becomes effective.
Greene Concepts, Inc. is an ink technology Manufacturing and Distribution Company headquartered in Fresno, CA. Chairman and Founder Lenny Greene has spent the past 30 years serving the printing needs of businesses and consumers. Greene Concepts intends to be the catalyst for the introduction of a number of innovative products and marketing strategies and to bring the world the best products at the lowest prices so consumers and business can save time, save money, print more and print better.
AccuBrite, Inc. creator of FreeInk4Life(TM), Refills4You(TM) and INKWAY USA(TM) has developed a family of 25 “Do It Yourself Ink Cartridge Refilling Systems.” All refilling tools, accessories, filling stations, interactive CD-Rom instruction manual including bonus software, 24/7 customer service / tech support and unlimited ink refills are available. Consumers can now save thousands of dollars annually without replacing their inkjet cartridges using ABI's top of the line refill kits.
 |
INKWAY USA is a consumer direct affiliate marketing ink and toner technology Distribution Company. We market and sell over 1000 advanced and exceptional proprietary ink and toner “Do It Yourself” Refilling Systems and other products for all inkjet and toner cartridges. The most expensive liquid in the world is ink. And you are in the perfect place to take advantage of this by purchasing one (or more) of our 400 available Founding Units. Our model is consumer direct affiliate marketing and our design ensures long term growth and stability. We are set to explode in 2012... Marketing, sales, and fulfillment for retail products are coordinated at its offices in Fresno, CA. Consumers and businesses save thousands of dollars annually buying our products. INKWAY USA will also compete in the global market place by marketing and signing distributors in Europe, The Pacific Rim, and Asia.
SUBSCRIBE TO MFRTech.COM TODAY, CUSTOMIZE YOUR NEWS, RECEIVE BY EMAIL (CLICK HERE)
For a Complete Version of this BUSINESS WIRE Press Release
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