press release
Dec. 11, 2013, 8:33 a.m. EST
Hollund Industrial Marine Strikes Deal to Eliminate Convertible Preferred Shares
HIMR Finds Common Ground With Preferred C Shareholder to Nullify Dilution
BLAINE, WA, Dec 11, 2013 (Marketwired via COMTEX) -- Hollund Industrial Marine, Inc. (otc pink:HIMR) ("Hollund" or the "Company") ( http://www.hollundindustrial.com/ ) an underwater forest management company, announced today that the Company has reached an amicable arrangement with its largest Preferred C shareholder (in principle), which will prevent the ongoing convertibility of the large block of preferred c shares.
"Let's not bullsh** anyone... This Company cannot sustain, nor allow the ongoing and incomprehensible amount of dilution experienced over the past two years," stated Peter Meier, President of Hollund Industrial. "The increase of the authorized shares made us realize we had to gain control. Everyone, including the primary preferred shareholder, was in favor of this progress, and now, we have a plan in place."
The Company has not yet confirmed the exact number of preferred shares the primary preferred shareholder will retire. However, management is confident that when the agreement is finalized, close to 100% of the shareholder's Preferred C Shares will be eliminated. This, in essence, will stave off any further unwarranted dilution; giving the Company the ability to allow its market value to grow in tandem with its operational success.
Meier continued, "For the first time in our history, we are poised to generate revenue; significant revenues. Our goal has always been to change the landscape of the underwater timber recovery industry, and now, finally, we are ready to do just that."
Management indicated that once the agreement has been concluded, they will begin to explore alternative options to a reverse split, as Meier concluded, "First we do away with unnecessary dilution. Next, we aggressively examine our cap structure and how best to resolve it, in a manner that supports shareholder value and the integrity of this Company. Then, we build Hollund Industrial Marine into the company we all envision."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. (otc pink:HIMR) seeks to align the interests of businesses, communities, utilities and governments by offering an integrated business model for underwater forest management. Hollund's model -- including resource and needs assessment, permitting, environmental and project planning, logging, milling, product branding and sales adds value for our shareholders, our partners and reservoir based communities.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.
