Hollund Industrial Marine Inc. Announces Retirement of 200 Million Shares Outstanding; Approximately 41% of Shares Outstanding
November 09 2011 - 4:22PM
Marketwired
Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR)
(www.HollundIndustrial.com) announced today that the Company has
reduced the Issued and Outstanding Common Shares (I/O) by a
substantial 41.5%.
According to the Company, the Issued and Outstanding Common
Shares were reduced by 200,000,000 Shares resulting in a new I/O of
282,002,772 Shares and a Public Float of 39,301,211 Shares.
Management believes this action demonstrates a commitment to the
common shareholder to improve the share structure, thus adding
value for all shareholders.
The company had signed a contract with a vendor, which it is
canceling because their services were not rendered. The
cancellation of the contract will cause the vendor to return their
shares to the company's treasury.
"This is a very positive step forward in improving the overall
capital structure and will further enhance value to our
shareholders," stated President Michael Lacy.
About Hollund Industrial Marine, Inc. Hollund Industrial Marine,
Inc. (PINKSHEETS: HIMR) designs, develops and markets the patented
Tiger-Lynk remote operated machine with underwater vision
enhancement systems (U.S. Patent #6,024,145).
Tiger-Lynk is comprised of a vessel-mounted robotic manipulator
that can provide a wide array of underwater services in extreme
murky, muddy and other limited vision conditions at depths of up to
180 feet.
The Company is focused on the marketing and commercialization of
the Tiger-Lynk Technology for underwater forestry and construction,
flood emergency services and disaster response, and offshore
drilling markets.
For more information visit the Company's websites at:
www.HollundIndustrial.com and www.TigerLynk.com
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(the "ACT"). In particular, when used in the preceding discussion,
the words "estimated," "believe," "optimistic," "expect," and
similar conditional expressions are intended to identify
forward-looking statements within the meaning of the ACT and are
subject to risks and uncertainties, and actual results could differ
materially from those expressed in forward-looking statements. Such
risks and uncertainties include, but are not limited to,
unfavorable market conditions, increased competition, limited
working capital, and failure to implement business strategies,
actions by regulatory agencies, and other risks.
For investor relations please contact Hollund Industrial Marine,
Inc. ir@hollundindustrial.com
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