Hollund Industrial Marine Successfully Retires 30% Of Its Issued And Outstanding Shares
Reduction of Over 2.5 Billion Common Shares Brings Hollund within Reach of Initial Goal
29 Aug, 2012, 08:47 ET
BLAINE, Wash., Aug. 29, 2012 /PRNewswire/ -- Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the "Company") announced that management has effectively retired over 2.5 Billion shares from Hollund's Issued and Outstanding share count, putting the company's Dilution Reform Program (share reduction plan) on target to meet expectations of a total reduction of at least 3.5 Billion common shares by year end.
"There is no doubt in the mind of this management that we will indeed hit our target reduction numbers," stated Peter Meier, President of Hollund. "We are way ahead of schedule. And given the current positive state of affairs transpiring at Hollund, we anticipate the possibility of achieving reductions in excess of 40% - essentially restructuring our cap table without reversing a single share."
People close to the company believe that Hollund could possibly achieve a reduction of common shares so substantial, that the eventual numbers could reflect an issued and outstanding share count closer to below 4 Billion shares. "We believe that if we are successful at hitting our numbers, Hollund's shareholders will recognize our diligence and show us continued support and ongoing consideration," concluded Meier.
With the company's first shareholders conference call coming up in September, sources say that the Dilution Reform Program will be just one of the initiatives discussed that would have likely proven to be a great success.
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. (Pink Sheets: HIMR) seeks to align the interests of businesses, communities, utilities and governments by offering an integrated business model for underwater forest management. Hollund's model – including resource and needs assessment, permitting, environmental and project planning, logging, milling, product branding and sales adds value for our shareholders, our partners and reservoir based communities.
About North Cal Wood Products
North Cal is an integrated reclaimed wood products company catering to high-end commercial and residential clients. Our products include solid hardwood flooring, siding, decking, lumber, and custom beams, slabs and millwork.
North Cal reclaims virtually all the woods that we sell. Our unique ability to manage chain of custody from material sourcing to product delivery distinguishes North Cal from other leading competitors.
North Cal proudly offers a large selection of FSC Recycled and FSC 100% products (FSC license code # FSC-C066506). Our specialty woods include reclaimed redwood, douglas fir, and western red cedar. In addition, we offer a variety of domestic and tropical hardwoods, as well as various other domestic reclaimed woods. Founded in 1985, North Cal is based in Ukiah, California. For more information on North Cal, visit www.NorthCal.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.
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Hollund Industrial Marine, Inc.
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SOURCE Hollund Industrial Marine, Inc.
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