Greene Concepts Cancels All Convertible Debt and Strengthens Financial Position
Greene Concepts Inc. (OTC Pink: INKW) has announced the cancellation and removal of all outstanding convertible notes from its financial statements, effective July 31, 2024. This move results in a debt reduction of $313,995.68, which could have potentially led to over 6.2 billion additional shares if converted at the stated rate of $0.00005 per share.
CEO Lenny Greene emphasized that this action protects shareholder value by preventing significant dilution and aims to enhance earnings per share. The company views this as a demonstration of its commitment to improving financial stability and aligning with strategic goals to make BE WATER™ a nationally recognized brand. The debt elimination will be reflected in the upcoming annual report.
Greene Concepts Inc. (OTC Pink: INKW) ha annunciato la cancellazione e rimozione di tutte le note convertibili in circolazione dai suoi bilanci, con effetto dal 31 luglio 2024. Questa mossa comporta una riduzione del debito di $313.995,68, che avrebbe potuto portare a oltre 6,2 miliardi di azioni aggiuntive se convertite al tasso stabilito di $0,00005 per azione.
Il CEO Lenny Greene ha sottolineato che questa azione proteggere il valore per gli azionisti prevenendo una significativa diluizione e mira a migliorare l'utile per azione. L'azienda considera questo un dimostrazione del suo impegno per migliorare la stabilità finanziaria e allinearsi con gli obiettivi strategici per rendere BE WATER™ un marchio di riconoscimento nazionale. L'eliminazione del debito sarà riflessa nel prossimo rapporto annuale.
Greene Concepts Inc. (OTC Pink: INKW) ha anunciado la cancelación y eliminación de todas las notas convertibles pendientes de sus estados financieros, con efecto a partir del 31 de julio de 2024. Este movimiento resulta en una reducción de la deuda de $313,995.68, lo que podría haber llevado potencialmente a más de 6.2 mil millones de acciones adicionales si se hubieran convertido al tipo de $0.00005 por acción.
El CEO Lenny Greene enfatizó que esta acción protege el valor para los accionistas al prevenir una dilución significativa y tiene como objetivo mejorar las ganancias por acción. La compañía ve esto como una demostración de su compromiso para mejorar la estabilidad financiera y alinearse con los objetivos estratégicos para hacer de BE WATER™ una marca de reconocimiento nacional. La eliminación de la deuda se reflejará en el próximo informe anual.
그린 컨셉츠 주식회사 (OTC Pink: INKW)가 2024년 7월 31일부터 모든 유통 중인 전환사채의 취소 및 제거를 재무제표에서 발표했습니다. 이 조치는 $313,995.68의 부채 감소를 가져오며, 제시된 $0.00005의 전환율로 전환될 경우 62억 주의 추가 주식으로 이어질 수 있었습니다.
CEO 레니 그린은 이 조치가 주주 가치를 보호하여 상당한 희석을 방지하고 주당 수익을 향상시키는 것을 목표로 한다고 강조했습니다. 회사는 이것을 재정적 안정성 향상에 대한 의지를 시연하고, BE WATER™를 전국적으로 인식받는 브랜드로 만들기 위한 전략적 목표에 부합한다고 보고 있습니다. 부채 제거는 오는 연례 보고서에 반영될 것입니다.
Greene Concepts Inc. (OTC Pink: INKW) a annoncé l'annulation et le retrait de toutes les obligations convertibles en circulation de ses états financiers, avec effet au 31 juillet 2024. Ce mouvement entraîne une réduction de la dette de 313 995,68 $, ce qui aurait pu potentiellement conduire à plus de 6,2 milliards d'actions supplémentaires si elles avaient été converties au taux indiqué de 0,00005 $ par action.
Le PDG Lenny Greene a souligné que cette action protège la valeur des actionnaires en évitant une dilution importante et vise à améliorer le bénéfice par action. L'entreprise considère cela comme une démonstration de son engagement à améliorer la stabilité financière et à s'aligner sur des objectifs stratégiques afin de faire de BE WATER™ une marque reconnue au niveau national. L'élimination de la dette sera reflétée dans le prochain rapport annuel.
Greene Concepts Inc. (OTC Pink: INKW) hat die Stornierung und Entfernung aller ausstehenden Wandelschuldverschreibungen aus ihren Finanzberichten angekündigt, mit Wirkung zum 31. Juli 2024. Dieser Schritt führt zu einer Schuldenreduzierung von $313,995.68, was potenziell zu über 6,2 Milliarden zusätzlichen Aktien führen könnte, wenn sie zum angegebenen Satz von $0.00005 pro Aktie umgewandelt werden.
CEO Lenny Greene betonte, dass diese Maßnahme den Anteilseignerwert schützt und eine signifikante Verwässerung verhindert, mit dem Ziel, den Gewinn pro Aktie zu steigern. Das Unternehmen sieht dies als ein Zeichen seines Engagements zur Verbesserung der finanziellen Stabilität und zur Angleichung an strategische Ziele, um BE WATER™ zu einer national anerkannten Marke zu machen. Die Schuldenelimination wird im kommenden Jahresbericht dargestellt.
- Cancellation of $313,995.68 in convertible debt
- Prevention of potential 6.2 billion share dilution
- Improved financial position and reduced liabilities
- Potential enhancement of earnings per share
- None.
Marion, North Carolina--(Newsfile Corp. - October 8, 2024) - Greene Concepts Inc. (OTC Pink: INKW) is pleased to announce the cancellation and removal of all of the Company's formally outstanding convertible notes. These notes, some dating as far back as 2018, met the statutory criteria to be cancelled and removed from the Company books and financial statements effective with the Company's fiscal yearend of July 31, 2024.
The cancellation and removal of these notes amounts to
Lenny Greene, CEO of Greene Concepts, states, "The removal of these convertible notes off our books is wonderful news for the Company and for all shareholders. Had these notes been converted, 6.2 billion additional INKW shares would have entered the market, significantly diluting existing shares. By eliminating this debt without conversion, we protect shareholder value and seek to enhance earnings per share."
Mr. Greene concludes, "Cancelling the convertible notes demonstrates our commitment to improving shareholder value and eliminating toxic debt as we strive to secure and improve the Company's financial future. This action signals management's confidence in Greene Concepts' financial stability and growth prospects, while aligning with our strategic goals of making our flagship artesian spring water, BE WATER™, a nationally recognized brand."
The elimination of this debt is reflected in the Company's upcoming annual report. See the OTC Markets Disclosure page for more information.
About Greene Concepts, Inc.
Greene Concepts, Inc. (http://www.greeneconcepts.com) is a publicly traded company whose purpose is to provide the world with high-quality, healthy and enhanced beverage choices that meet the nutritional needs of its consumers while refreshing their mind, body and spirit. The Company's flagship product, BE WATER, is a premium artesian bottled water that supports total body health and wellness. Greene Concepts' beverage and bottling plant is located in Marion, North Carolina, and their water is ethically sourced from spring and artesian wells that are fed from a natural aquifer located deep beneath the Blue Ridge Mountains. Greene Concepts continues to develop and market premium beverage brands designed to enhance the daily lives of consumers.
Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a few uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events or otherwise.
CONTACT:
Greene Concepts, Inc.
Investor Relations
IR@greeneconcepts.com
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FAQ
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