MIAMI, March 6, 2013 /PRNewswire/ -- Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company") is pleased to provide this update clarifying the previously announced stock dividend to shareholders.
As previously announced February 19, 2013, the Company has initiated, subject to FINRA approval, an issuance of a 24% dividend (the "Stock Dividend") to all common stock shareholders of record as at February 19, 2013 (the "Record Date"). The Stock Dividend will consist of 0.24 new common shares of the Company for each one (1) common share held by shareholders as of the Record Date. Fractional entitlements will be rounded up to the nearest whole number. Stock Dividend shares will be subject to all resale, hold, and control restrictions of Rule 144.
"We have been working with FINRA and our transfer agent to prepare for approval and distribution of the Stock Dividend to our shareholders," stated Mr. Bruce Harmon, Chief Executive Officer of Green Innovations. "Now that several of the last outstanding details concerning the Stock Dividend plan have been clarified with regulators, we anticipate receiving final approval from FINRA and a confirmed payable date in the very near future."
Additional information regarding payment specifics of the Stock Dividend will be made in a subsequent press release by the Company.
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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This press release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the issuance of a Stock Dividend. The reader can identify these forward-looking statements by forward-looking words such as "may," "will," "expect," "potential," "anticipate," "forecast," "believe," "estimate," "project," "plan," "continue" or similar words. The reader should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. Forward-looking statements include, but are not limited to, statements regarding potential products, customers, revenues, expansion efforts, and future plans and objectives of Green Innovations Ltd. ("Green Innovations"). The risk factors listed in our disclosure documents and the cautionary language on this website provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations and projections described by Green Innovations in its forward-looking statements. Actual results relating to, among other things, product launch, sales, customer acceptance and market share could differ materially from those currently anticipated in such statements. Factors affecting forward-looking statements include: consumer preferences, competition from more established brands, ability to develop market share; changes in the operating costs; changes in economic conditions, foreign exchange and other financial markets; changes of the interest rates on borrowings; hedging activities that Green Innovations develops or produces; changes in the investments levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which Green Innovations operates; technological, mechanical and operational difficulties encountered in connection with Green Innovations' development activities; and labor relation matters and costs. The reader should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by Green Innovations from time to time with the Securities and Exchange Commission and other regulatory authorities. There can be no assurance that the Company's ability to generate purchase orders and sales referred to in this press release is indicative of future performance or that purchase orders will result in payments received by the Company.
SOURCE Green Innovations Ltd.