Vega Biofuels Cancels 90 Million Free Trading Common Shares
June 20 2014 - 9:15AM
Access Wire
Previously
Issued Shares Returned to Treasury
NORCROSS, GA / ACCESSWIRE / JUNE 20, 2014 / VEGA BIOFUELS, INC.
(Pink Sheets VGPR) announced today that it is returning 90 million
previously issued free trading common shares to its treasury.
The Company recently negotiated with a large shareholder to swap
the common shares for Preferred shares that have a twenty four
month holding period.
"We are happy to return this large block of free trading common
shares to treasury. We felt that reducing our float at this
time would be beneficial to the Company as we move forward," stated
Michael K. Molen, Chairman/CEO of Vega Biofuels. "We
appreciate the confidence this shareholder has in the long term
success of the Company."
The Company recently announced a Joint Venture to build a
torrefaction plant in South Carolina to manufacture a renewable
energy product called Bio-coal. In addition to producing
Bio-coal, the Company also markets a product called Biochar to the
agricultural industry.
Vega’s Biochar is a highly absorbent specially designed
charcoal-type product primarily used as a soil enhancement for the
agricultural industry to significantly increase crop yields.
The Company’s Biochar offers a powerfully simple solution to some
of today’s most urgent environmental concerns. The production
of Biochar for carbon sequestration in the soil is also a
carbon-negative process.
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: Michael K. Molen
Vega Biofuels, Inc.: 800-481-0186
info@vegabiofuels.com
vegabiofuels.com
SOURCE: Vega Biofuels, Inc.