Vega Biofuels, Inc.'s Board Of Directors Cancels Reverse Split After Successful Colorado Trip
March 27 2014 - 10:45AM
Access Wire
Company secures several meetings with
potential Acquisition Candidates and Plans to add Vega Biochar,
Inc. as additional Subsidiary
NORCROSS, GA / ACCESSWIRE / MARCH 27, 2014 / VEGA BIOFUELS, INC.
(Pink Sheets VGPR) is pleased to announce its Board of Directors
has canceled the previously approved reverse split. The Company’s
management team has decided Vega Biofuels will continue its growth
through acquisitions and had several successful meetings during its
recent trips to Colorado. Vega Biofuels management team has
scheduled an additional trip to Colorado in April to have follow-up
meetings with its potential acquisition candidates.
"The first quarter of 2014 has been a very busy and exciting
time for our company," stated Michael K. Molen, CEO of Vega
Biofuels, Inc. "We have experienced tremendous growth this
year and plan to continue to build our company through
acquisitions."
Due to the success during the management team's recent trips to
Colorado and meeting with industry experts in the biochar business,
Vega Biofuels plans to form a subsidiary called Vega Biochar,
Inc. The Company's new subsidiary will concentrate on selling
biochar to the agricultural industry, including the booming legal
marijuana business.
"We have had tremendous interest in our biochar product and will
be in a position to start shipping product to customers in the
legal marijuana business within the next 30 days," Molen stated.
"We will be sharing additional information concerning this
matter as we move forward. The opportunity is tremendous and
we are very fortunate to be in the position we are in."
During the forth quarter of 2013 Vega Biofuels, Inc. was in
discussions with another company to merge and change its name to
Biotech Energy Corporation. In anticipation of that merger,
the Company secured the name through the Secretary of State of
Wyoming. As part of the merger, and by shareholder vote, it was
decided that Vega Biofuels, Inc. would also do a reverse split of
its common stock. The proposed merger did not take
place. Therefore, our securities attorney filed an Amendment
to our Articles of Incorporation that became affective yesterday,
reversing the original Amendment, leaving the name of the Company
Vega Biofuels as well as cancelling the reverse split and
increasing the Authorized common shares from 950 million to 2
billion shares. These shares are not issued, only authorized
to give the Company the ability to fund its subsidiary and attract
new acquisitions.
About Vega Biofuels, Inc.:
Vega Biofuels, Inc. is in the process of building a
manufacturing plant that when finished will manufacture Bio-coal
and Biochar from timber waste using unique technology called
torrefaction. Torrefaction is the treatment of biomass at high
temperatures under low oxygen conditions. The Company is focusing
on selling its Biochar directly to the Medical Marijuana
Industry.
Michael K. Molen
Chairman/CEO
Vega Biofuels, Inc.
Certain statements in this release constitute
forward-looking statements or statements which may be deemed or
construed to be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The words
"forecast,” “plan,” "project," "intend," "expect," "should,"
"would," and similar expressions and all statements, which are not
historical facts, are intended to identify forward-looking
statements. These forward-looking statements involve and are
subject to known and unknown risks, uncertainties and other factors
which could cause the Company's actual results, performance
(finance or operating) or achievements to differ from future
results, performance (financing and operating) or achievements
expressed or implied by such forward-looking statements.
CONTACT: Vega Biofuels, Inc.: 800-481-0186
info@vegabiofuels.com
vegabiofuels.com
SOURCE: Vega Biofuels, Inc.