Green Star Products Issues a Force Majeure
Green Star Products, Inc. (OTC: GSPI) issued a Force Majeure on December 28, 2021, to cancel the issuance of 30 million preferred shares to Biotech Research, LLC. The company faced significant disruptions in international trade due to pandemic-related restrictions, preventing the distribution of its product, Viro Spectrum Shield, in South America. The preferred shares, which represent voting rights but have no monetary value, will be returned to the treasury. GSPI is currently rebranding VSS to comply with FTC demands and is establishing a distribution network for its rebranded anti-viral supplement.
- GSPI is rebranding its product Viro Spectrum Shield to comply with Federal Trade Commission demands.
- The company is creating a distribution network for the rebranded VSS and new products.
- The cancellation of the issuance of 30 million preferred shares indicates significant disruptions in business operations.
- International trade restrictions due to the pandemic have halted product distribution in key South American markets.
SALT LAKE CITY, UT, Jan. 05, 2022 (GLOBE NEWSWIRE) -- Today, Ms. Kristy Hunt President of Green Star Products, Inc. (US OTC: GSPI), stated that on December 28, 2021, Green Star Products issued a Force Majeure to Biotech Research, LLC, to cancel the issuance of 30 million preferred shares to Biotech Research.
Ms. Hunt further stated, "Green Star Products had one year to consummate the contract, which encompasses the exclusive right to distribute Viro Spectrum Shield to three South American countries, Brazil, Colombia and Peru (see press release dated December 21, 2020). However, actions by the Federal Government due to the pandemic in addition to the most severe lock down measures between countries have stopped all VSS products from crossing borders. NEVER has international trade seen such restrictions. Therefore, GSPI has had to invoke Force Majeure in order to cancel our contract with BTR. These preferred shares have no monetary value (not tradable), they only represent voting rights. They will be returned to our treasury for future use."
Ms. Hunt went on to say, "We have spent the later part of 2021 rebranding VSS to conform with Federal Trade Commission demands. This includes removal of all testimonials and removal of all successful efficacy data produced by a Federally Accredited Lab and more.
We are now creating a Distribution Network to launch the rebranded VSS as a BROAD SPECTRUM ANTI-VIRAL SUPPLEMENT, along with several new products. See press releases dated: November 11, 2021, and September 2, 2021, on Global News Wire.
About Green Star Products
Green Star Products, Inc. (US OTC: GSPI) (PINKSHEETS: GSPI) is an environmentally friendly Public Company creating innovative and cost-effective products to improve the quality of life and the environment. For more information, please go to our website https://gspiusa.com/
Forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, its dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic filings.
CONTACT:
Kristy Hunt, President
Green Star Products, Inc.
kristy@gspiusa.com
https://gspiusa.com/
FAQ
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