Green Bridge Technologies International, Inc. Reduces Common Shares Outstanding by 200 Million
LINDEN, Mich., Oct 15, 2009 /PRNewswire-FirstCall via COMTEX/ --
Company: Green Bridge Technologies International Inc (GRBT)
Green Bridge Technologies International, Inc. (Pink Sheets: GRBT), is pleased to announce that the Company's CEO Leonard Baxter has completed the previously announced exchange of 200 million of his common shares for 3.5 million of Green Bridge Technologies International's preferred shares. This exchange effectively returns 200 million shares to treasury therefore reducing the outstanding shares of common by that amount.
This reduction of common outstanding should strengthen the Company's stock which is being used in implementing its aggressive acquisition strategy. The Company recently acquired Vapor Technologies, Inc. for $5 million in Green Bridge Technologies International (GRBT) restricted stock valued at $0.10 per share.
Green Bridge Technologies International, Inc. continues looking for new "green" technologies to acquire. The Company will work directly with inventors as well as companies that have promising concepts, prototypes, and inventions in the broad area of energy efficiency, but need funds and guidance to move their invention to the next level. Green Bridge Technologies International has a laboratory facility in Auburn, MI, where the Company's incubator division operates.
"Green Bridge Technologies International is currently poised for growth through the various acquisitions we have made, as well as the candidates we continue to evaluate. Our goal is to create long term value for our loyal shareholders," stated Leonard Baxter, CEO and President of Green Bridge Technologies International, Inc.
About Green Bridge Technologies International, Inc.:
Green Bridge Technologies International, Inc. is a technology based company that concentrates on developing and marketing new energy efficient products and services, through its three divisions. The Company operates a Technology Incubator facility and works with inventors and early stage development companies that have technologies that will help reduce US energy needs. The Company's wholly owned subsidiary Vapor Technologies, Inc. develops fuel efficient technologies. The Company's Government Services Division assists its clients in the approval process for products to become eligible for listing on the U.S. General Services Administration (GSA) Schedule and GSA Advantage, as well as marketing these products to various sectors of the government. Through its wholly owned subsidiary, Ecologix, the Company provides solutions for vehicle and asset recovery and tracking. The tracking technology product line has applications for data and tracking functions across a variety of industries, utilizing CDMA, IDEN, and GSM technologies.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact:
Investor Relations
Big Apple Consulting USA, Inc.
1-407-389-5900
SOURCE Green Bridge Technologies International, Inc.
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Company: Green Bridge Technologies International Inc (GRBT)
Related terms: acquisition, ceo, consulting, earnings, energy efficiency, government, marketing, president, products, schedule, securities, technology, treasury
