Green Stream Holdings, Inc. Stock Buyback Program to be Followed by Retirement of Shares; No Reverse Split
• The Company Is Addressing Program To Alleviate Dilution Of Company’s Stock • The Company Reiterates That It Has No Present Plans For Reverse Split
NEW YORK, NY, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Green Stream Holdings Inc. (OTC Pink: GSFI) (“the Company”) (https://greensolarutility.com), an emerging leader in the solar utility and finance space, in response to shareholder requests for updates, today said that it will use debt to employ a leveraged buyback program, and has, at present, no plans for a reverse stock split.
The stock buyback program will allow the Company to repurchase shares of the Company’s common stock. The frequency and amount of the stock buyback will be determined by U.S. Securities and Exchange Commission (SEC) regulations and revenue. Subsequently, GSFI management and board have agreed to retire the shares, removing them from the Outstanding Shares of the Company and strengthening the overall integrity of the stock.
A stock buyback occurs when a company buys back its shares from the marketplace. The effect of a buyback is to reduce the number of outstanding shares on the market, which increases the ownership stake of the stakeholders. Companies usually buy back shares because it believes the market has discounted its shares too steeply, to invest in itself or to improve its financial ratios.
CEO James DiPrima said: “We have also been significantly reducing Company debts and via our S-1 filing, we will be able to utilize those funds to enter into a buyback program to address the dilution of the Company’s stock. This allows us to not plan to enter into a reverse stock split, at this time. By taking this path, we can increase shareholder value, while maintaining sufficient cash reserves to fund our business operations. We will buy back as many shares as possible and as fast as we can.”
About Green Stream Finance, Inc.
Green Stream Finance, Inc., a solar utility and finance company with satellite offices in Malibu, CA and New York, NY, is focused on exploiting currently unmet markets in the solar energy space, and is currently licensed in California, Nevada, Arizona, Washington, New York, New Jersey, Massachusetts, New Mexico, Colorado, Hawaii, and Canada. The Company’s next-generation solar greenhouses constructed and managed by Green Rain Solar, LLC, a Nevada-based division, utilize proprietary greenhouse technology and trademarked design developed by world-renowned architect Mr. Antony Morali. The Company is currently targeting high-growth solar market segments for its advanced solar greenhouse and advanced solar battery products. The Company has a growing footprint in the significantly underserved solar market in New York City where it is targeting 50,000 to 100,000 square feet of rooftop space for the installation of its solar panels. Green Stream is looking to forge key partnership with major investment groups, brokers, and private investors in order to capitalize on a variety of unique investment opportunities in the commercial solar energy markets. The Company is dedicated to becoming a major player in this critical space. Through its innovative solar product offerings and industry partnerships, the Company is well-positioned to become a significant player in the solar space.
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. That includes the possibility that the business outlined in this press release cannot be concluded for some reason. That could be as a result of technical, installation, permitting or other problems that were not anticipated. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Green Stream Finance, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Green Stream Finance, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
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SOURCE: Green Stream Holdings Inc.