Hollund Set to Limit Remaining Preferred C Share Conversion
07 Março 2014 - 3:15PM
Marketwired
Hollund Set to Limit Remaining Preferred C Share Conversion
In Effort to Further Minimize Dilution, All Preferred C Shares
-- Issued or In Treasury -- Are to Be Re-Priced
BLAINE, WA--(Marketwired - Mar 7, 2014) - Hollund Industrial
Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the "Company") an
underwater forest management company, announced today that the
Company intends to adjust all remaining Preferred C Shares as part
of an ongoing strategy to repress indiscriminate dilution.
"At Hollund, we are committed to improving shareholder
confidence and enhancing long-term value," stated Peter Meier,
President of Hollund Industrial. "Over recent months,
management has been successful at achieving dramatic reductions in
the outstanding Preferred C shares. With respect to the largest
shareholder in this preferred class, we have reduced that amount to
less than 1% of the original position. Moving forward, we will
remain proactive to ensure that we do not end up in a
hyper-dilutive situation in the future."
While the Company has not yet confirmed the method by which it
will seek to adjust the Preferred C shares, it can confirm that the
conversion rate on any and all remaining Preferred C shares will be
reduced by a significant amount. This includes shares currently in
treasury yet to be issued.
Mr. Meier continued, "Our primary objective is to avoid further
unwarranted dilution. With timber recovery operations soon to
commence, the growth and health of this company will partly depend
on the stability of the corporate structure and the faith of its
investors. We believe a responsible adjustment to this share
class is needed to help ensure both."
Mr. Meier concluded, "While it may not be appropriate to
eliminate this entire class of stock, it is certainly fair and
equitable to bring the intrinsic value of our Preferred C shares in
line with the general market. We hope to make this adjustment
prior to our next filing this month. However, we do certainly
anticipate this change will be reflected in our first set of
audited statements."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc.
(PINKSHEETS: 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.
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.
For investor relations, Hollund Industrial Marine, Inc. Email
Contact (707) 659-6631
Hollund Industrial Marine (CE) (USOTC:HIMR)
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