Previously Issued Shares Returned to Treasury
NORCROSS, GA / ACCESSWIRE / JUNE 20, 2014 / VEGA BIOFUELS, INC. (Pink Sheets VGPR) announced today that it is returning 90 million previously issued free trading common shares to its treasury.
The Company recently negotiated with a large shareholder to swap the common shares for Preferred shares that have a twenty four month holding period.
“We are happy to return this large block of free trading common shares to treasury. We felt that reducing our float at this time would be beneficial to the Company as we move forward,” stated Michael K. Molen, Chairman/CEO of Vega Biofuels. “We appreciate the confidence this shareholder has in the long term success of the Company.”
The Company recently announced a Joint Venture to build a torrefaction plant in South Carolina to manufacture a renewable energy product called Bio-coal. In addition to producing Bio-coal, the Company also markets a product called Biochar to the agricultural industry.
Vega’s Biochar is a highly absorbent specially designed charcoal-type product primarily used as a soil enhancement for the agricultural industry to significantly increase crop yields. The Company’s Biochar offers a powerfully simple solution to some of today’s most urgent environmental concerns. The production of Biochar for carbon sequestration in the soil is also a carbon-negative process.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast,” “plan,” “project,” “intend,” “expect,” “should,” “would,” and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE: Vega Biofuels, Inc.