PHOENIX, AZ, Sept. 23, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Today American Green (ERBBD:OTC) announced that the Company has filed with the State of Wyoming and FINRA to execute a reverse stock split with a ratio of 1 for 500, which becomes effective today. The Roll Back was approved by the Company’s Board of Directors and a majority vote of its shareholders in compliance with its state laws and federal regulatory authorities and will have no inherent effect or change on either the Company’s total market capitalization or shareholder value as of the opening bell of trading this morning.
This is part of the Company’s plan to increase shareholder value in a number of ways. The Board of Directors believes that undertaking this reverse split is critically necessary for capital-raising purposes and believes the new, higher share price will increase the company’s visibility to a wider variety of shareholders and expects this action will have an overall beneficial effect to shareholders as well as the Company.
According to David Gwyther, American Green’s president, “The Company’s share restructuring was necessary to make possible the following:
- The Company will be able to attract investment into American Green using more traditional financing sources;
- Improve the trading price of ERBB shares;
- Enhance the marketability and liquidity of ERBB common stock;
- With the share price now over a penny ($.01), investor’s share deposits will not be subject to new FINRA rules implementing bond requirements for brokerage firms depositing shares on their customer’s behalf that are valued at less than a penny.”
As each of the American Green enterprises begins its transition out of “development stage” toward becoming ongoing profitable businesses, substantial investment in the cannabis and CBD sectors still remain a requirement in order to grow each enterprise into the future and to attract a wider group of investors.
The Company believes the new increased share price, along with the proportional reduction of outstanding shares, could help American Green attract this needed capital.
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NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company’s Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, be should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.
About American Green, Inc.
American Green, Inc. became, in 2009, one of the first publicly-traded technology companies in the cannabis industry. Now, with over 60,000 individual certified shareholders, more than any other company in the cannabis sector, American Green’s mission is to lead the cannabis and premium CBD industry. Leveraging our team of professionals in cultivation management, manufacturing, extraction, wholesale, retail, and community outreach, we strive to develop sustainable initiatives in the cannabis-adjacent and CBD industries, laser-focused on adding company and shareholder value.
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American Green, Inc.
2902 W. Virginia Ave.
Phoenix, AZ 85009