GROVELAND, Fla., May 29, 2012 /PRNewswire/ -- Eco Ventures Group, Inc. (OTCBB: EVGI) today announced that as a necessary component to facilitate a financing and its planned acquisition of a profitable, German alternative energy Firm, EVGI will seek to amend its Certificate of Incorporation to reflect a 1-for-40 reverse stock split of all its shares of common stock.
The Company earlier today announced it has signed a binding LOI to acquire a German Firm which offers strong operational synergies for both companies. The EVGI Board of Directors has held advanced discussions with its investment bankers as well as potential principal investors to the Company's planned acquisition, and the consensus is that this reverse stock split will optimize EVGI's capital structure for a financing and is in the best interest of shareholders.
This reverse-split will be effective for Shares of record at the close of business on Tuesday May 29, 2012. EVGI anticipates the reverse stock split will not require shareholder approval, and it intends to file an information proxy statement disclosing the reverse stock split details shortly.
When the reverse stock split becomes effective, every 40 shares of issued and outstanding EVGI common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share. This will reduce the number of outstanding shares from approximately 90,023,648 to approximately 2,250,592. All EVGI common stock options or warrants will be adjusted accordingly. The common stock will continue to be listed on the OTC Markets under the symbol "EVGI," but will trade under a new CUSIP number.
About Eco Ventures Group, Inc.
Eco Ventures Group, Inc. ("EVGI") is a family of ecologically friendly and economically sound businesses committed to providing for society's minerals, energy and renewable resource needs.
EVGI concentrates on two core business activities. EVGI's Eco Minerals Recovery Group specializes in the extraction of precious metals from ore bodies and reclaimed mine tailings and Eco Energy Group will focus on the production of advanced biodiesel from recovered cooking oils and oil rich plants.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: EVGI encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by Eco Ventures Group, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
SOURCE Eco Ventures Group, Inc.