ABCO Energy Pays Off Convertible Debt, Plans Retirement of Remainder
Press Release | 01/31/2019
TUCSON, AZ / ACCESSWIRE / January 31, 2019 / ABCO Energy, Inc (OTC PINK: ABCE) (January 31, 2019) is pleased to announce that it has completed the purchase of one half of its outstanding convertible preferred stock before its maturity to prevent further dilution of ABCE shares. At today's prices this move has prevented more than 25,000,000 shares from coming on to the market. We expect to save an equal amount of dilution when we acquire the last convertible preferred series outstanding before maturity, which we intend to do in late February.
"In order to prevent approximately 50,000,000 unfriendly shares from entering the market from the two maturities, we will have paid more than $200,000 for redemption," said Charles O'Dowd, President of ABCO Energy. "However, we are committed to raise all of the funds and already one-half of this amount has been done. We are still expecting our domestic and foreign friends to continue to support us and our market should improve from this effort. This will be the last time we will rely on convertible debt of any kind to fund the Company. No matter what they say, it never works out."
"Since ABCO completed over $3 million in projects during the last fiscal year ending in 2018 and is entering 2019 with nearly $1,450,000 in backlog we should leap forward over the next 12 months. This will improve our cash flow and allow us to take advantage of more profitable opportunities in 2019," added Mr. O'Dowd.
ABOUT ABCO ENERGY
ABCO Energy, Inc. is a commercial and residential installer of Photovoltaic (PV) solar systems, LED lighting solutions and HVAC products and services. ABCO Energy, Inc. is a Nevada corporation, which maintains offices located in Tucson and Phoenix, Arizona. ABCO is a fully reporting public company trading under the symbol ABCE. Since its inception in 2008, ABCO Energy has taken great pride in delivering quality solar installations and has a reputation for outstanding customer service. These qualities have allowed us to grow the business primarily through referrals, many of those based on actual customer reviews.
Safe Harbor Statement
Note: Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-5 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than the statements of fact, included in this press release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. ABCO undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
CONTACT INFORMATION: Lindsay Lucas, Email: lindsay@abcoenergy.com
2100 North Wilmot, Tucson Arizona 85712, Phone 520-777-0511
Website - http://www.abcoenergy.com
Press Release | 01/31/2019
TUCSON, AZ / ACCESSWIRE / January 31, 2019 / ABCO Energy, Inc (OTC PINK: ABCE) (January 31, 2019) is pleased to announce that it has completed the purchase of one half of its outstanding convertible preferred stock before its maturity to prevent further dilution of ABCE shares. At today's prices this move has prevented more than 25,000,000 shares from coming on to the market. We expect to save an equal amount of dilution when we acquire the last convertible preferred series outstanding before maturity, which we intend to do in late February.
"In order to prevent approximately 50,000,000 unfriendly shares from entering the market from the two maturities, we will have paid more than $200,000 for redemption," said Charles O'Dowd, President of ABCO Energy. "However, we are committed to raise all of the funds and already one-half of this amount has been done. We are still expecting our domestic and foreign friends to continue to support us and our market should improve from this effort. This will be the last time we will rely on convertible debt of any kind to fund the Company. No matter what they say, it never works out."
"Since ABCO completed over $3 million in projects during the last fiscal year ending in 2018 and is entering 2019 with nearly $1,450,000 in backlog we should leap forward over the next 12 months. This will improve our cash flow and allow us to take advantage of more profitable opportunities in 2019," added Mr. O'Dowd.
ABOUT ABCO ENERGY
ABCO Energy, Inc. is a commercial and residential installer of Photovoltaic (PV) solar systems, LED lighting solutions and HVAC products and services. ABCO Energy, Inc. is a Nevada corporation, which maintains offices located in Tucson and Phoenix, Arizona. ABCO is a fully reporting public company trading under the symbol ABCE. Since its inception in 2008, ABCO Energy has taken great pride in delivering quality solar installations and has a reputation for outstanding customer service. These qualities have allowed us to grow the business primarily through referrals, many of those based on actual customer reviews.
Safe Harbor Statement
Note: Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-5 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than the statements of fact, included in this press release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. ABCO undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
CONTACT INFORMATION: Lindsay Lucas, Email: lindsay@abcoenergy.com
2100 North Wilmot, Tucson Arizona 85712, Phone 520-777-0511
Website - http://www.abcoenergy.com
