Near Unanimous Vote by Green Star's Stockholders to Cancel Reverse Split
09 Junio 2011 - 8:30AM
Marketwired
Green Star Products, Inc. (PINKSHEETS: GSPI) announced today that
at its Special Shareholders Meeting held on June 4 in Salt Lake
City, Green Star stockholders voted almost unanimously to cancel
the planned reverse split of Green Star stock.
The new Board of Directors that was elected on January 4, 2011,
including the reelected nineteen year President of Green Star,
Joseph LaStella, had previously announced that they would initiate
a vote at a second Special Shareholders Meeting to cancel the
reverse split voted in by stockholders on January 4, 2011.
The reason for this change in strategy was directly related to
the success of our new marketing program which includes a variety
of new products and expansion into many foreign nations. Green Star
has a variety of licensing agreements and distributor pacts with
other green companies, and now through these new agreements has
representatives on the ground in China, Korea, Mexico, Ukraine and
a number of European Union locations. Several countries have
initiated testing programs to evaluate the superiority of Green
Star's products.
Testing results have been very positive and as stated in our
most recent press releases we believe that the 2011 year will
provide not only a revenue stream but it will be Green Star's first
profitable year since 2008.
During a recent corporate trip to China, GSPI's presentations
created great interest in our distribution line of TVT lubricants
and coating products. This has resulted in several significant
letters of intent being signed by Chinese entities. The Board of
Directors believes that these letters of intent will translate into
purchase orders as soon as independent testing of several products
is completed.
Green Star's Product Line and Technology Provider Line now
include lubricants, industrial and commercial coatings, specialized
firearms lubricants, oil well drilling additives, biodiesel plant
construction, and algae to biodiesel processing systems. All of our
markets for these products are commercial, industrial and military
except for Italian Gun Grease which is also a retail item sold by
Eco Solutions Group.
Joseph LaStella, President of Green Star, stated: "The Special
Shareholders Meeting was very successful and shareholders were
excited to hear about the future of our Company." Please see press
releases dated April 29, 2011
(http://www.greenstarusa.com/news/11-04-29.html) and February 14,
2011 (http://www.greenstarusa.com/news/11-02-14.html).
About Green Star Products Green Star
Products, Inc. (PINKSHEETS: GSPI) is an environmentally friendly
public company dedicated to creating innovative cost-effective
products to improve the quality of life and clean up the
environment. GSPI and its Consortium are involved in the production
of green sustainable goods including renewable resources like algae
biodiesel and clean-burning biofuels, cellulosic ethanol and other
green products, as well as lubricants, additives and devices that
reduce emissions and improve fuel economy in vehicles, machinery
and power plants. For more information visit
http://www.GreenStarUSA.com, or call 800-741-7648 and 800-340-9784,
fax 619-789-4743, or email info@GreenStarUSA.com.
Forward-looking statements in the release are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties,
including without limitation, continued acceptance of the company's
products, increased levels of competition, new products and
technological changes, dependence on third-party suppliers, and
other risks detailed from time to time in the company's periodic
filings.
CONTACT: Joseph LaStella President Green Star Products, Inc.
800-741-7648 800-340-9784 619-789-4743 (fax)
info@GreenStarUSA.com
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