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Greenbelt Resources Restructures Facilities to Increase Efficiencies while Protecting Shareholder Strength
Eagle Grove, Iowa, Oct 01, 2007 -- Greenbelt Resources (GRCO.PK), the leading innovator of small and medium size modular ethanol plants, today announced that it has reached an agreement to exchange the company's current corporate office building for a block of soon to be released restricted stock.
"We realized we could not improve our facilities to best fit our strategic direction especially now that we no longer have the need for a demonstration plant in our facility. By improving our position with regard to real estate obligations, especially under the terms of this deal, we will increase the efficiency of our office space while we protect our shareholders' strength in the market," commented Robert Johnson, Greenbelt Resources' CEO.The terms of the agreement allow Greenbelt Resources ample time to remain in the current space while it conducts a search for a more suitable corporate headquarters. The company expects to make an announcement in the near future to confirm the success of this search.
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This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements. These forward-looking statements involve certain risks & uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history & history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.