SALT LAKE CITY, UT--(Marketwired - Oct 6, 2016) - Green Endeavors, Inc. ( OTC PINK : GRNE ), announced that is has settled $2,190,895 in debt owed to its parent Sack Lunch Productions Inc. pursuant to a debenture issued by the Company. A total of 3,843,686 shares of Common Stock and 230,621 shares of Series B Preferred shares were issued to settle the obligations. As provided for in the debenture's terms, the shares were valued at a 5% discount to market. The total number of common shares issued will increase to 4,733,346 of which 550,098 are in the public float. All newly issued shares are restricted pursuant to Rule 144 and subject to 1% dribble out rule.
Richard Surber, CEO of GRNE, commented, "The settlement will remove over $2M in liabilities from the balance sheet significantly improving GRNE's equity. The transaction will transform the balance sheet for Q3 and beyond. Furthermore, the transaction will eliminate interest expenses of nearly $200,000 on an annual basis related to the debt which was negatively impacting GRNE's profitability. It is my belief that the elimination of the debt will make GRNE more attractive to potential acquisition candidates and investors alike. The transaction will have no significant effect on the balance sheet or income statement of Sack Lunch Productions other than to increase the minority interest calculation as a result of Sack Lunch's increase in equity ownership. All other aspects of the transaction historically and moving forward are eliminated in the consolidation at the Sack Lunch level."
About Green Endeavors, Inc.:
Green Endeavors, Inc. ( OTC PINK : GRNE ), headquartered in Salt Lake City, Utah, is a holding company with operations in health & beauty. GRNE's wholly owned subsidiaries, Landis Salons, Inc., Landis Salons II, Inc., and Landis Experience Center LLC, http://www.landissalon.com; operate hair salons built around the world-class AVEDA™ product line. For more information, visit http://www.green-endeavors.com. GRNE strongly encourages the public to read the above information in conjunction with its filings and disclosures filed in 2016 and 2015 including its Schedule 14C. GRNE's disclosures can be viewed at www.sec.gov and www.otcmarkets.com. Investors should not invest more than they can afford to lose in penny stocks.