Greenfield Farms Food Inc. Announces Board of Director's Approval for Recapitalization
January 17 2018 - 11:00AM
InvestorsHub NewsWire
Greenfield Farms
Food Inc.
Announces Board of Director's
Approval for Recapitalization
DALLAS,
TX -- January
17,
2018 -- InvestorsHub NewsWire
-- Greenfield Farms
Food, Inc. ("GRAS"
or the "Company") (OTC
PINK: GRAS) today
announced that the Board
of Directors (the "Board") of the Company has approved a
recapitalization of the Company's common stock (the
"Recapitalization"). The Board has authorized the Company
through
June 30, 2018,
to restructure
the outstanding
shares of
common stock in a range,
whereby, between 350 and 500 shares of common stock will be
exchanged for 1 share of common stock. The Board also approved a
reduction in the authorized shares of common stock from
6,450,000,000 to 250,000,000 at the time of the
Recapitalization.
The Company
was named in a complaint filed by Noho, Inc. ("Noho") and Luke
Zouvas ("Zouvas")
on December 19, 2017, in Superior Court of the State of California,
in San Diego
County.
The suit
focused around an Asset Purchase
Agreement (APA)
dated May 25,
2017.
Noho and
Zouvas (the "Plaintiffs")
attempted to get a Temporary Restraining Order ("TRO") against the
Company. The TRO was denied. On December 27, 2017, the case
was
moved to Federal
Court in the United
States District Court for the
Southern District of California (the
"Federal
Court").
The Plaintiffs again
filed a motion
for a TRO on January 12, 2018. On January 16,
2018, the Federal
Court denied the
TRO motion.
The complaint
references an APA
entered into
between Cherry Hill Financial, LLC
a
subsidiary of NOHO,
Inc. and
the
Company.
Closing
obligations and conditions under
the APA did not
materialize resulting in
the APA not closing.
Dr.
Jason
Koo,
CEO
stated,
"This
Recapitalization is needed in order for our Company to execute on
its long-term
goals and
objectives. As we have
previously announced we have begun the process of
becoming
current with
our financial statement filing requirements, and anticipate that we
would be able to effectuate the Recapitalization during the second
quarter of 2018."
Dr.
Koo,
also
stated,
"This is the
first step in building a strong and loyal shareholder base that can
share in the additional value we plan to generate for the
Company. We are working
on some very exciting developments and will keep you informed as
soon as they are finalized."
Lastly, Dr.
Koo stated, "Regarding
the lawsuit, we believe the claims are without merit and two courts
have now
denied the
Plaintiffs TRO attempts. If needed,
we
will defend
the matter and retain any rights for any damages caused by the
Plaintiffs."
About
Greenfield Farms Food, Inc.
Greenfield Farms Food, Inc. is a publicly-traded nominally capitalized
company that
recently acquired
assets related to the
automotive technology business. The Company designs, develops and manufactures state of
the art automotive technologies including our
muffler/silencer systems that relieves the back-pressure issue of
trucks and automobiles allowing the engine and transmission to
perform at maximum efficiency which increases fuel mileage while
extending engine and transmission life.
Safe Harbor
for Forward-looking Statements
This news
release may contain forward-looking statements that are made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. While these statements are made to
convey to the public the company's progress, business opportunities
and growth prospects, they are based on management's current
beliefs and assumptions as to future events. However, since the
company's operations and business prospects are always subject to
risk and uncertainties, the forward-looking events and
circumstances discussed in this news release might not occur, and
actual results could differ materially from those described,
anticipated or implied. For a more complete discussion of such
risks and uncertainties, please refer to the company's filings with
the Securities and Exchange Commission.
For more
information call Edward Carter at 980-348-8825