BLAINE, WA--(Marketwired - Jan 28, 2014) - Hollund Industrial Marine, Inc . (PINKSHEETS: HIMR) ("Hollund" or the "Company") an underwater forest management company, announced today that the Company has eliminated virtually all of Mr. Lonnie Hayward's personal holdings of Preferred C stock -- which in effect, nullifies future dilution from these shares.
"The elimination of Mr. Hayward's preferred stock significantly enhances our long-term value and should strengthen investor confidence as we move into first revenues," stated Peter Meier, President of Hollund. "This is yet another milestone reached by our management and further demonstrates that all parties, including Mr. Hayward, are working together for the future growth of this company."
The Company and Mr. Hayward came to an arrangement to irrevocably eliminate 99.5% of his holdings of Preferred C shares. Management believes that by eliminating the largest majority of its preferred stock, there will be substantially less dilution going forward.
Meier concluded, "I am pleased with our arrangement to eliminate the majority of Mr. Hayward's Preferred C stock. With our project coming online, I firmly believe in our prospects going forward."
