Hollund Industrial Marine Strikes Deal to Eliminate Convertible Preferred Shares
11 Dezember 2013 - 2:33PM
Marketwired
Hollund Industrial Marine Strikes Deal to Eliminate Convertible
Preferred Shares
HIMR Finds Common Ground With Preferred C Shareholder to Nullify
Dilution
BLAINE, WA--(Marketwired - Dec 11, 2013) - Hollund Industrial
Marine, Inc. (OTC Pink: HIMR) ("Hollund" or the "Company")
(http://www.hollundindustrial.com/) an underwater forest management
company, announced today that the Company has reached an amicable
arrangement with its largest Preferred C shareholder (in
principle), which will prevent the ongoing convertibility of the
large block of preferred c shares.
"Let's not bullsh** anyone... This Company cannot sustain, nor
allow the ongoing and incomprehensible amount of dilution
experienced over the past two years," stated Peter Meier, President
of Hollund Industrial. "The increase of the authorized shares made
us realize we had to gain control. Everyone, including the primary
preferred shareholder, was in favor of this progress, and now, we
have a plan in place."
The Company has not yet confirmed the exact number of preferred
shares the primary preferred shareholder will retire. However,
management is confident that when the agreement is finalized, close
to 100% of the shareholder's Preferred C Shares will be
eliminated. This, in essence, will stave off any further
unwarranted dilution; giving the Company the ability to allow its
market value to grow in tandem with its operational success.
Meier continued, "For the first time in our history, we are
poised to generate revenue; significant revenues. Our goal has
always been to change the landscape of the underwater timber
recovery industry, and now, finally, we are ready to do just
that."
Management indicated that once the agreement has been concluded,
they will begin to explore alternative options to a reverse split,
as Meier concluded, "First we do away with unnecessary
dilution. Next, we aggressively examine our cap structure and
how best to resolve it, in a manner that supports shareholder value
and the integrity of this Company. Then, we build Hollund
Industrial Marine into the company we all envision."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. (OTC
Pink: 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.
CONTACT: For investor relations, Hollund Industrial Marine, Inc.
ir@hollundindustrial.com (707) 659-6631
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