COLUMBIA, S.C., Aug. 26 /PRNewswire-FirstCall/ -- Following the
August 12th announcement of the
change of officers and directors at NuState Energy Holdings, Inc.
(Pink Sheets: NSEH), the new executive team surpassed their first
milestone to consolidate and settle the outstanding defaulted debt
with the Adamas Fund, the largest debt holder for NuState, and
assorted trusts associated with the Adamas Fund.
As full payment of the outstanding principal balance, without
interest, of $1.575 million, NuState
assigned its total shares of Rentar Environmental to the Adamas
Fund and the two associated trusts. As full payment of the
outstanding accrued interest of $630,674, the company will issue 25 million share
purchase warrants with an exercise price of $.035 each and a five year maturity.
In addition, the Adamas Fund is currently the holder of
$17.5 million common shares, escrowed
as security, and the Fund has agreed to release those shares to the
company for cancellation.
This milestone was one of the first priorities for the new
executive team. Adamas represented NuState's largest debt holder.
By eliminating the largest debt holder of the company, NuState is
well on its way to becoming a debt-free company by 2011. The new
executive team has made additional progress with creditors and
continues to receive positive feedback.
NuState CEO George Stevens
stated, "This transaction represents a major milestone for the
company as this indebtedness represented a material amount of the
total corporate debt, and the default status has been eliminated."
For more information about NuState, logon to www.nsehco.com or
call the new headquarters at (803) 748-1309. The new headquarters
are located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201.
Safe-Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act), including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of the company, its
directors or its officers with respect to, among other things: (i)
the company's financing plans; (ii) trends affecting the company's
financial condition or results of operations; (iii) the company's
growth strategy and operating strategy; and (iv) the declaration
and payment of dividends. The words "may," "would," "will,"
"expect," "estimate," "anticipate," "believe," "intend" and similar
expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors including the risk disclosed in the
company's Forms 10-K and 10-Q filed with the SEC.
SOURCE NuState Energy Holdings, Inc.
Copyright . 26 PR Newswire