PIRAEUS, Greece, June 7, 2013 /PRNewswire/ -- NewLead Holdings Ltd. (NASDAQ: NEWL) ("NewLead") today announced that the Company agreed to unwind the transaction whereby 3,750 grams of nickel wire had been contributed to NewLead in exchange for 258,536,585 shares of common stock of NewLead.
As previously disclosed in a Form 6-K, filed on January 23, 2013, NewLead had signed a purchase agreement that allowed NewLead to unwind the transaction if the nickel wire was not sold or used as collateral within 18 months of the date of the purchase agreement. NewLead decided that it was in the best interests of its shareholders to cancel the transaction, as efforts to use this nickel wire as collateral had not succeeded.
The shares issued to the seller will be cancelled and will no longer be outstanding and the nickel wire will be returned to the investor. After giving effect to such transactions, NewLead will have 547,609,560 shares outstanding.
NewLead believes that unwinding the transaction will expedite the filing of the Annual Report on Form 20-F for the fiscal year ended December 31, 2012.
About NewLead Holdings Ltd. NewLead Holdings Ltd. is an international, vertically integrated shipping and commodity company that manages product tankers and dry bulk vessels. NewLead currently controls four vessels, two tankers and two dry bulk vessels. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. To learn more about NewLead Holdings Ltd., please visit the new website at www.newleadholdings.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This press release includes assumptions, expectations, projections, intentions and beliefs about future events. These statements, as well as words such as "anticipate," "estimate," "project," "plan," and "expect," are intended to be ''forward-looking" statements. We caution that assumptions, expectations, projections, intentions and beliefs about future events may vary from actual results and the differences can be material. Forward-looking statements include, but are not limited to, such matters as the creditworthiness of our counterparties, the reliability of reserve reports, our ability to extract coal to fulfill contracts, the consummation of conditional contracts, future operating or financial results; our liquidity position and cash flows, our ability to borrow additional amounts under our revolving credit facility and, if needed, to obtain waivers from our lenders and restructure our debt, and our ability to continue as a going concern; statements about planned, pending or recent vessel disposals and/or acquisitions, business strategy, future dividend payments and expected capital spending or operating expenses, including dry-docking and insurance costs; statements about trends in the product tanker and dry bulk vessel shipping segments, including charter rates and factors affecting supply and demand; expectations regarding the availability of vessel acquisitions; completion of repairs; length of off-hire; availability of charters; and anticipated developments with respect to any pending litigation. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although NewLead believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, NewLead cannot assure you that it will achieve or accomplish these expectations, beliefs or projections described in the forward looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver one or more vessels, and other factors discussed in NewLead's filings with the U.S. Securities and Exchange Commission from time to time. NewLead expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in NewLead's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Investor and Media Relations: Elisa Gerouki NewLead Holdings Ltd. Telephone: + 30 213 014 8023 Email: firstname.lastname@example.org
SOURCE NewLead Holdings Ltd.