TULSA, OK--(Marketwire -09/06/12)- The board of directors of Totally Green, Inc. (TLGN), an innovator in organic food waste processing systems, has approved a 100-for-1 reverse stock split of the company's common stock. Following the split and a conversion of the company's Class D preferred securities into 50% of the company's fully diluted shares of common stock, there is expected to be approximately 13,725,000 common shares outstanding, with 750 million shares authorized.
"The purpose of the split is to raise our trading price which we hope will increase our market visibility and ideally make participation in the potential of Totally Green available to a larger universe of investors," said Totally Green's CEO, Shawn Dym.
The stock is expected to begin trading on a split-adjusted basis on September 7, 2012. The par value of the stock will be unchanged and it will continue to trade on the Pink Sheets under the symbol "TLGN." However, the letter "D" will be added to the symbol for a limited time to indicate the recently split status.
Totally Green's transfer agent, Pacific Stock Transfer, will be the exchange agent for the split. Shareholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to effect the exchange of their shares. Shareholders who have existing stock certificates will receive instructions from the transfer agent after the split becomes effective. Fractional shares as a result of the reverse share split will be rounded up to the next whole number. Proportional adjustments will be made to all of the company outstanding warrants, options and other convertible securities.
About Totally Green
Totally Green, Inc. develops and markets the company's ORCA Green™ Machine. The ORCA (Organic Refuse Conversion Alternative) machine allows for rapid composting of most organic material in institutional and commercial end-user applications, after which the liquid compost is either returned to the soil as nourishment or disposed of through the ordinary sewer system. The machine creates meaningful cost savings for customers while diverting food waste from landfills and reducing methane gas production. For more information, please visit www.totallygreen.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, the uncertainty of market trends, the competition faced from other current and future technologies and the uncertainties of competitive pressures we face. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements.