LYNN STOCKWELL ENTERS INTO A RESTRUCTURING SECURITY AGREEMENT (“RSA”) WITH BRIGHT GREEN CORPORATION AND ASSUMES THE ROLE OF EXECUTIVE CHAIR AND CEO.
Bright Green (OTC: BGXX) announced a major restructuring as founder Lynn Stockwell enters into a Restructuring Security Agreement (RSA) and assumes the roles of Executive Chair and CEO. The restructuring involves cancellation of all existing contracts, including land purchase options, employment agreements, board member agreements, financing agreements, and warrants. The current CEO, CFO, and Board of Directors have resigned.
The company plans to realign its focus on domestic API manufacturing, aiming to become a key supplier of plant-based controlled substances in the United States. Post-restructuring plans include completing a shareholder-approved reverse split, seeking re-listing on a major exchange, and exploring a franchise-based model to build agricultural facilities across West Texas, East Arizona, and Central New Mexico. The company will maintain its EB-5 investor program and seek partnerships with Health and Human Services for research support.
Bright Green (OTC: BGXX) ha annunciato una grande ristrutturazione poiché il fondatore Lynn Stockwell entra in un Accordo di Ristrutturazione della Sicurezza (RSA) e assume i ruoli di Presidente Esecutivo e CEO. La ristrutturazione prevede l'annullamento di tutti i contratti esistenti, comprese le opzioni di acquisto di terreni, gli accordi di lavoro, gli accordi con i membri del consiglio, gli accordi di finanziamento e le garanzie. L'attuale CEO, CFO e il Consiglio di Amministrazione si sono dimessi.
L'azienda prevede di riallineare il suo focus sulla produzione nazionale di API, puntando a diventare un fornitore chiave di sostanze controlled basate su piante negli Stati Uniti. I piani post-ristrutturazione includono il completamento di uno split inverso approvato dagli azionisti, la ricerca di una nuova quotazione su un'importante borsa e l'esplorazione di un modello basato sulle franchising per costruire strutture agricole in Texas Occidentale, Arizona Orientale e New Mexico Centrale. L'azienda manterrà il suo programma di investitori EB-5 e cercherà partnership con il Dipartimento della Salute e dei Servizi Umani per il supporto alla ricerca.
Bright Green (OTC: BGXX) anunció una importante reestructuración ya que el fundador Lynn Stockwell entra en un Acuerdo de Seguridad de Reestructuración (RSA) y asume los roles de Presidente Ejecutivo y CEO. La reestructuración implica la cancelación de todos los contratos existentes, incluidas las opciones de compra de terrenos, los acuerdos laborales, los acuerdos con miembros de la junta, los acuerdos de financiamiento y las garantías. El actual CEO, CFO y la Junta Directiva han dimitido.
La empresa planea redefinir su enfoque en la fabricación nacional de API, con el objetivo de convertirse en un proveedor clave de sustancias controladas de base vegetal en los Estados Unidos. Los planes posteriores a la reestructuración incluyen completar una división inversa aprobada por los accionistas, buscar una re-lista en una bolsa importante y explorar un modelo basado en franquicias para construir instalaciones agrícolas en el Oeste de Texas, el Este de Arizona y el Centro de Nuevo México. La empresa mantendrá su programa de inversionistas EB-5 y buscará asociaciones con el Departamento de Salud y Servicios Humanos para el apoyo a la investigación.
Bright Green (OTC: BGXX)는 창립자 Lynn Stockwell이 구조 조정 보안 계약(RSA)에 참여하고 집행 의장 및 CEO 역할을 맡으면서 큰 구조 조정을 발표했습니다. 이번 구조 조정은 토지 구매 옵션, 고용 계약, 이사 계약, 자금 조달 계약 및 워런트를 포함한 기존 모든 계약의 취소를 포함합니다. 현 CEO, CFO 및 이사회는 사임했습니다.
회사는 미국에서 식물 기반의 규제 물질의 주요 공급업체가 되기 위해 국내 API 제조에 집중할 계획입니다. 구조 조정 이후 계획에는 주주 승인에 따른 역분할 완료, 주요 거래소 재상장 신청, 서부 텍사스, 동부 애리조나 및 중앙 뉴 멕시코에 농업 시설을 건설하기 위한 프랜차이즈 기반 모델 탐색이 포함됩니다. 회사는 EB-5 투자자 프로그램을 유지하고 연구 지원을 위해 보건 및 인적 서비스부와 협력할 것입니다.
Bright Green (OTC: BGXX) a annoncé une importante restructuration alors que le fondateur Lynn Stockwell entre dans un Accord de Sécurité de Restructuration (RSA) et assume les rôles de Président Exécutif et CEO. La restructuration implique l'annulation de tous les contrats existants, y compris les options d'achat de terrains, les contrats de travail, les accords avec les membres du conseil, les accords de financement et les bons de souscription. L'actuel CEO, CFO et le Conseil d'Administration ont démissionné.
L'entreprise prévoit de réaligner son attention sur la fabrication nationale d'API, visant à devenir un fournisseur clé de substances contrôlées d'origine végétale aux États-Unis. Les plans post-restructuration incluent l'achèvement d'un fractionnement inversé approuvé par les actionnaires, la recherche d'une nouvelle cotation sur une grande bourse, et l'exploration d'un modèle basé sur la franchise pour construire des installations agricoles dans l'Ouest du Texas, l'Est de l'Arizona et le Centre du Nouveau-Mexique. L'entreprise maintiendra son programme d'investisseurs EB-5 et cherchera des partenariats avec le Département de la Santé et des Services Sociaux pour un soutien à la recherche.
Bright Green (OTC: BGXX) gab eine bedeutende Umstrukturierung bekannt, da der Gründer Lynn Stockwell in eine Restrukturierungs-Sicherheitsvereinbarung (RSA) eintritt und die Rollen des Exekutivvorsitzenden und CEO übernimmt. Die Umstrukturierung umfasst die Streichung aller bestehenden Verträge, einschließlich von Optionen zum Landkauf, Arbeitsverträgen, Vereinbarungen mit Vorstandsmitgliedern, Finanzierungsvereinbarungen und Garantien. Der derzeitige CEO, CFO und der Vorstand haben resigniert.
Das Unternehmen plant eine Neuausrichtung auf die nationale API-Herstellung und strebt an, ein wichtiger Anbieter von pflanzenbasierten kontrollierten Substanzen in den Vereinigten Staaten zu werden. Die Pläne nach der Umstrukturierung umfassen den Abschluss eines von den Aktionären genehmigten Rücksplits, die Suche nach einer Neuallistung an einer großen Börse und die Erforschung eines franchisebasierten Modells zum Bau landwirtschaftlicher Einrichtungen in Westtexas, Ostarizona und Zentralneu-Mexiko. Das Unternehmen wird sein EB-5-Investorenprogramm beibehalten und Partnerschaften mit dem Gesundheits- und Sozialdienst für Forschungsunterstützung suchen.
- Comprehensive restructuring plan to refocus on domestic API manufacturing
- Plans to seek re-listing on a major exchange post restructuring
- Development of franchise-based business model for facility expansion
- Integration with EB-5 program for investment and job creation
- Commitment to pay all creditors in full through cash and stock
- Complete management turnover with resignation of CEO, CFO, and Board
- Cancellation of all existing contracts and agreements
- Impairment of creditors' positions requiring restructuring of payments
- Pending reverse stock split which may affect share value
GRANTS, NEW MEXICO, Dec. 27, 2024 (GLOBE NEWSWIRE) -- Bright Green Corporation (OTC: BGXX) (“Bright Green” or the “Company”) announced today that Lynn Stockwell has agreed to terms for a restructuring security agreement (“RSA”) with Bright Green that is expected to be executed soon.Lynn Stockwell, the founder of Bright Green Corporation, Drugs Made in America Acquisition Corp I, and Drugs Made in America Acquisition Corp II seeks to align her vision to on-shore the end-to-end active pharmaceutical ingredient (“API”) manufacturing back to the United States. The plan realigns the Company with her plan to scale and position the Company as the facilitator and supplier of plant-based controlled substances authorized to manufacture in the United States. The restructuring and new direction will include the cancellations of all the company’s existing contracts expressed or implied, land purchase options, employment agreements, board member agreements, financing agreements, and warrants.
Ms. Stockwell says that the restructured company will have the opportunity to play a vital role in supplying plant based controlled substances to established U.S. based drug manufacturers that require domestic production to stay competitive in the new politically driven manufacturing landscape.
As part of the RSA, the CEO, CFO and Board of Directors have resigned to allow Ms.Stockwell to administratively lead the restructuring. Lynn Stockwell’s RSA with the company lays out her capital plans for the restructuring. Although creditors are impaired, the plan will provide that all creditors or contractors be paid in full via a combination of cash and stock.
Post Restructuring
Subsequent to the restructuring, the Company plans to complete the shareholder approved reverse split and seek re-listing on a major exchange. Lynn Stockwell will continue to be the majority shareholder and a significant part of the new management team and board. Bright Green Corporation plans to offer supply agreements and production contracts to produce plant-based substances for the manufacturing of controlled substances contracted under the company’s direction, utilizing the Bright Green existing registrations, licenses, and diversion control expertise for production and manufacturing.
Bright Green will seek to derive revenue from Production and Supply Contracts and maintain the EB-5 investor program.
Bright Green will seek to partner with Health and Human Services and designate scientific support for research at the existing facility in Grants New Mexico on a contract, cost-plus basis.
Bright Green is exploring a franchise-based business model to build agriculture facilities in phases across West Texas, East Arizona, and Central New Mexico. Each facility will include 15-acre specialty greenhouses, constructed annually until market demand is met. These facilities will benefit from high elevations, abundant resources, prearranged permits, and streamlined processes under the U.S. administration's new policies promoting billion-dollar domestic investments.
The initiative integrates the USCIS EB-5 program, allowing qualifying franchisees/owners/operators to earn U.S. Green Cards through investments that create direct and indirect jobs, meeting the program's requirements. Bright Green will manage facility development, including loan guarantees, engineering, water management, and supply contracts for agricultural production and pharmaceutical-grade controlled substances. The facilities will operate under strict legal guidelines, marking the first U.S.-based production of such substances.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management as of such date. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. Such forward looking statements include, but are not limited to, the ability of the Company to raise funds under the Company’s EB-5 program, the impact that new officers, directors and employees may have on the Company and the Company’s business and results of operations, and the impact of the New Mexico Board of Pharmacy and DEA approvals. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as amended and supplemented, as well as other documents that may be filed by the Company from time to time with the SEC. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect the Company’s results is included in the Company’s SEC filings, which may be obtained by visiting the SEC’s website at www.sec.gov.
Media Inquiries & Investor Relations Contact
ir@brightgreen.us
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