Green Innovations Eliminates Convertible Debt
January 07 2014 - 8:00AM
Marketwired
Green Innovations Eliminates Convertible Debt
Company Pays Off Four Convertible Notes and Signs Leak Out
Agreement for Fifth
CAPE CORAL, FL--(Marketwired - Jan 7, 2014) - Green Innovations
Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the
"Company") is pleased to announce that through third party
financing, the Company has paid off four convertible notes with
principal amounts of $150,000, $105,000, $76,500 and $76,500.
The four notes matured with terms permitting conversion into
common stock at 40%-45% discounts to the Market Price (as that term
was separately defined in each note).
"We determined that the Company needed to pay off these
notes to avoid further negative pressure on the stock as the
Company begins the new year with an expected surge of growth in its
sales efforts," said Bruce Harmon, CFO of Green
Innovations.
The Company utilized a portion of a $1,000,000 advance on its
recently completed $5,000,000 credit line to settle this debt. This
accounts receivable financing facility will support the strategic
rollout of the Company's line of Sensational® Bamboo products.
A fifth convertible note, in the principal amount of $55,000 and
with a 25% conversion discount, matured in December of 2013, and
the Company has negotiated a leak out agreement with the holder,
based on daily trading volume limitations.
About Green Innovations Ltd. Green Innovations Ltd., through its
wholly-owned subsidiary, Green Hygienics, Inc.
(http://www.greenhygienics.com), is the exclusive licensed North
American distributor of American Hygienics Corporation's 100%
tree-free bamboo-based product line, including personal care and
paper-based goods. The marketplace for tissue paper products,
diapers, wet wipes, feminine care products, and adult care
products, is in excess of $29 billion annually in the United
States. The Company is committed to providing consumers with
quality products that are designed and manufactured to the highest
standards in FDA-accepted manufacturing facilities without
compromising product performance. Green Innovations is a member of
the International Green Energy Council (IGEC) and dedicated to
ensuring a more healthy and sustainable planet.
Safe Harbor Statement This press release contains
"forward-looking statements." Statements in this press release
which are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations or
intentions regarding the future, and specifically references to
future potential purchase sales. The reader can identify these
forward-looking statements by forward-looking words such as "may,"
"will," "expect," "potential," "anticipate," "forecast," "believe,"
"estimate," "project," "plan," "continue" or similar words. The
reader should read statements that contain these words carefully
because they discuss future expectations, contain projections of
future results of operations or of financial condition, or state
other forward-looking information. Forward-looking statements
include, but are not limited to, statements regarding potential
products, customers, revenues, expansion efforts, and future plans
and objectives of Green Innovations Ltd. ("Green Innovations"). The
risk factors listed in our disclosure documents and the cautionary
language on this website provide examples of risks, uncertainties
and events that may cause actual results to differ materially from
the expectations and projections described by Green Innovations in
its forward-looking statements. Actual results relating to, among
other things, product launch, sales, customer acceptance and market
share could differ materially from those currently anticipated in
such statements. Factors affecting forward-looking statements
include: consumer preferences, competition from more established
brands, ability to develop market share; changes in the operating
costs; changes in economic conditions, foreign exchange and other
financial markets; changes of the interest rates on borrowings;
hedging activities that Green Innovations develops or produces;
changes in the investments levels; litigation; legislation;
environmental, judicial, regulatory, political and competitive
developments in areas in which Green Innovations operates;
technological, mechanical and operational difficulties encountered
in connection with Green Innovations' development activities; and
labor relation matters and costs. The reader should refer to the
risk disclosures set out in the periodic reports and other
disclosure documents filed by Green Innovations from time to time
with the Securities and Exchange Commission and other regulatory
authorities.
Investor Contact: Mike Bowdoin RedChip Companies, Inc. Tel:
+1-800-733-2447, ext. 110 mike@redchip.com
http://www.redchip.com