SALT LAKE CITY, Dec. 10, 2010 /PRNewswire/ -- Green Endeavors, Inc. (Pink Sheets: GRNE), a salon holding company that operates eco-friendly salons that sell Aveda™ products exclusively, is proud to announce that it has raised $511,000 so far in 2010 through the sale of its RESTRICTED Series B Preferred shares and another $100,000 in low interest loans.
The bulk of the proceeds have been used to build out our newest salon location and fund the filing of our initial registration statement and subsequent filings with the Securities and Exchange Commission. GRNE relied on Rule 506 under the Securities Act of 1933 as the exemption under which it issued the shares. The Form D that was filed December 9, 2010, updated a prior filing earlier in the year. GRNE will continue to update its Form D as additional capital is raised in private transactions with accredited investors."
Richard Surber, CEO of Green Endeavors, Inc. explained, "A Form D is filed when selling restricted securities. No free trading shares have entered the market as a result of the Rule 506 offering. The Series B Preferred shares sold under the Rule 506 must be converted into shares of common stock and sold pursuant to the holding period requirement under Rule 144."
Mr. Surber continued, "I want to confirm that the current total issued and outstanding shares of common stock as of December 9, 2010 remains at 428,864,547 of which only 143,611,487 shares are free trading and only 112,845,215 are in brokerage accounts. According to our transfer logs, no new shares have been deposited with CEDE & Company in December. Another interesting fact, is that GRNE's Series B convertible shares have a feature that limits each holder from converting Series B shares where such conversions would cause that holders ownership of common stock to exceed 4.9% of GRNE' s total issued and outstanding common shares."
About Green Endeavors, Inc.
Green Endeavors, Inc. (Pink Sheets: GRNE), www.green-endeavors.com, operates salons under the name Landis Lifestyle Salons through its subsidiaries Landis Salons, Inc. and Landis Salons II, Inc., see www.landissalons.com, for more information. Our salons are built around the world-class AVEDA™ product line. Green strongly encourages the public to read the above information in conjunction with its reports filed at www.sec.gov and on www.pinksheets.com. Green will require a significant influx of capital in order to effectively execute upon its various operational plans. The actual results that Green may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should not invest more than they can afford to lose in penny stocks.
FOR MORE INFORMATION, CONTACT:
Richard Surber, President
Green Endeavors, Inc.
801-575-8073 x 106
SOURCE Green Endeavors, Inc.