The Board takes this action to address perceived undervalued share price and to limit short-term market tactics that do not serve the long-term objectives of the company and its shareholders.
Huntington Beach, CA (PRWEB) September 18, 2012
Greenway Design Group, Inc. (GDGI) Board of Directors today announced that it has issued a six-month moratorium on the issuance of common shares. The resolution is effective immediately.
The resolution states: “The Board takes this action to address perceived undervalued share price and to limit short-term market tactics that do not serve the long-term objectives of the company and its shareholders. The Board’s goal is to take all actions that it deems is necessary to grow a sustainable business and to protect share value whenever possible.”
Ben Lefrancois, CEO and President of the company, says, “Our overall plan is to support our long term shareholders. As we have reported earlier, the company is experiencing a period of significant growth and I believe that the board’s action could help enhance share value.”
He points out that installations of Cool-n-Save systems for two banks in Costa Rica and Kash Casinos in Mexico are underway while installations for Korea Telecom in South Korea are completed. A new installation for the company’s first-ever Denny’s Restaurant outside the U.S. was recently reported. Other orders in Oklahoma, Texas and Nevada either are completed or are underway.
“And this is the first time in the company’s history where foreign sales may exceed domestic sales,” adds Lefrancois. “Our marketing efforts are beginning to mature; keep in mind that we’ve only been at this as a public company since 2010. I think that our potential customers realize that not only is the technology viable, but the economics of energy conservation is a sustainable business model.”
Greenway Design Group, Inc. is the innovator of Cool-n-Save® "pre-cool" solutions that may reduce energy consumption of conventional air conditioning systems by as much as 30%, with an average savings of about 26% from air conditioning use during peak heat seasons. The company also received a “green engineering” award from TechAmerica/Harvey Mudd College in 2011. Many customers earn back the cost of their investment within the first 12 months. The company also markets Cool Release™ anti-scaling water treatment chemistry and HERO High Efficiency Reverse Osmosis™ water purification systems. All products are distributed through a chain of dealers, distributors and the company’s retail website http://www.coolnsave.com. Greenway Design Group, Inc. (http://www.greenwaydesigns.com) has its manufacturing and corporate headquarters in Huntington Beach, CA USA.
This press release contains “forward-looking statements.” Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial and managerial resources, our inability to market and sell our limited product line in sufficient volumes that may allow us to achieve and maintain profitability and positive cash flow, the uncertainty of market trends, the intense competition faced from other current and future technologies and the uncertainties of competitive pressures we face. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements.