Hollund Industrial Marine Enters Negotiations to Restructure Preferred C Shareholder
Aug 01, 2013 (ACCESSWIRE via COMTEX) -- BLAINE, WA - Hollund Industrial Marine Inc. (pinksheets:HIMR) ("Hollund" or the "Company") announced today that the Company has entered into negotiations with the primary holder of Preferred C shares with a look to retire and restructure the holdings.
"Every company has its legacy issues," stated Peter Meier, President of Hollund Industrial Marine. "The Preferred C shares are Hollund's [legacy issue]. However, never before did we give reason to our creditors to afford our company a reprieve, until now."
The majority of the Preferred C shares are held by a single shareholder; patent holder of the TigerLynk technology licensed to Hollund. For the Preferred C shareholder, until there was a fundamental shift at the company, there was no reason not to exercise a legal conversion. It is now however, that the primary Preferred C shareholder has agreed to either retire and/or re-structure the conversion rate of the entire lot of Preferred C shares.
Lonnie Hayward, TigerLynk patent holder stated, "I have been a long time supporter of Hollund Industrial Marine and I am extremely excited with the direction HIMR is heading. I feel so strongly about what I see, that I have agreed to a radical adjustment to my Preferred C shares. This will be for the greater good of Hollund as well as every shareholder. I feel Hollund is positioned like never before, and I will not be the one to stand in the way of Hollund being able to realize its goals. I am willing to help in whatever way I am able, to ensure the success of this great Company."
Management suggests that the elimination and/or restructuring of the Preferred C shares will assist with keeping the company in-line with its strategy to maintain a sensible order in the capitalization structure.
Meier concluded, "This is a real vote of confidence and show of faith by Mr. Hayward. We are committed to proving this gesture not to be in vain, as well as proof of the dedication to our shareholders. Once this task is complete, we will focus our attention on the Company's share structure and provide information on how we intend to audit and reorganize the Company. This process will give each shareholder an increased benefit with greater upside potential for each share owned."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. HIMR 0.00% 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.
For investor relations,
Hollund Industrial Marine, Inc.
ir@hollundindustrial.com
(707) 659-6631
CONTACT: info@hollundindustrial.com
SOURCE: Hollund Industrial Marine, Inc.
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