This move should boost investor confidence in that we are restructuring our company to contend in major exchanges, as we continue to build shareholder value and execute our business strategy
Miami, FL (Vocus) December 22, 2008
Emerging green energy holding company HydroGenetics, Inc. (PINKSHEETS: HYGN) announced today that its Board of Directors elected to reduce the authorized shares of its company from 1,000,000,000 to 250,000,000, a 750 million share reduction in a weekend meeting held last night. The company has not indicated whether further reductions of its authorized shares are forthcoming.
"This move should boost investor confidence in that we are restructuring our company to contend in major exchanges, as we continue to build shareholder value and execute our business strategy," says CEO Marc Walther. "We hope that by the end of this week, we will have filed our Form 10 with the SEC which should further signal to the investment community we are doing the things that responsible, intelligent, public companies ought to do."
Just this past Friday, the company announced the execution of a Binding Letter of Intent to acquire Buffalo Biodiesel, Inc., Headquartered in Northern New York. Buffalo Biodiesel is a leading producer, collector and renderer of yellow grease and its ultimate fuel property, biodiesel.
Buffalo Biodiesel, Inc. is a unique biodiesel manufacturer because it does not rely solely on the collection of raw materials by 3rd party collection firms. Rather, Buffalo Biodiesel collects, renders and processes biodiesel itself, creating a more profitable and controlled alternative energy business and a customer base that continues to expand.
About Buffalo Biodiesel, Inc.:
Buffalo Biodiesel, Inc., is an alternative energy company that sells biodiesel and processes yellow grease for the production of biodiesel to companies in the USA and abroad. Buffalo Biodiesel Inc. is also a member of the National Biodiesel Board and the Kenton Chamber of Commerce.
About HydroGenetics, Inc.:
HydroGenetics, Inc. is an alternative energy company. The company's mission is to acquire and develop alternative and 'green' technology companies into revenue producing, profitable businesses, utilizing investment capital and other resources including management and strategic planning to increase shareholder value. HydroGenetics, Inc.'s wholly owned subsidiary, HydroAxis Technologies, Inc., is currently developing 'green hydrogen generating technology systems for any internal combustion engine,' which will significantly reduce gasoline consumption in existing and new vehicles.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Mark Balbirer, Investor Relations