Green Innovations Ltd. Completes Share Capital Restructuring - Improves Balance Sheet and Prepares for Growth Opportunities
MIAMI, Feb. 8, 2013 /PRNewswire/ -- Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company"), is pleased to announce that it has completed a share capital restructuring transaction with Company CEO Mr. Bruce Harmon resulting in the cancellation of 45,000,000 common shares of the Company in exchange for 5,000,000 newly issued multiple-voting preferred shares.
"By improving our share capital structure, we feel that we have immediately enhanced shareholder value by significantly lowering our market cap and have now better positioned the Company to take advantage of any potential acquisitions or other growth opportunities that may present themselves," stated Bruce Harmon, CEO of Green Innovations.
Following the restructuring, there are a total of 25,000,000 common shares and 5,000,000 preferred shares of Green Innovations issued and outstanding, an overall common share reduction of 64.3%.
About Green Innovations Ltd.
Green Innovations Ltd., through its wholly-owned subsidiary Green Hygienics, Inc., 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 Company provides consumers the opportunity to enjoy high-quality and performance eco-friendly goods from dedicated experts that have been producing bamboo products for over a decade, along with the cost-benefit of local raw material manufacturing, and the satisfaction of knowing that by using these products they are doing their part to reduce their carbon footprint and to continue the movement towards a more healthy and sustainable planet.
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SOURCE Green Innovations Ltd.