Today's News
Green Oasis Environmental, Inc. Reduces Current Payables by 50 Percent
PR Newswire, Thursday, September 12, 1996 at 12:58
CHARLESTON, S.C., Sept. 12 /PRNewswire/ -- Green Oasis Environmental, Inc.(NASDAQ:GRNO) today announced that the company has converted $892,576 of Notes Payable, Accounts Payable and Accrued Interest into Long Term Debt and Equity. Creditors of Green Oasis elected to convert $75,098 of their receivables outstanding into common shares of Green Oasis and $817,478 into non-interest bearing notes due Sept. 15, 1999.
William D. Carraway, president, stated "We continue to make every effort to improve the company's balance sheet and increase shareholder's value. Since the end of our fiscal year on Dec. 31, 1995, we have reduced our Current Payables by $1,501,000 from $2,394,000, to approximately $893,000, or 62.7 percent, through conversion to Equity or Long Term Debt. While we will continue to pursue the conversion of debt to equity, we anticipate that the
startup of our Charleston plant will put us in a positive cash flow
mode.
Green Oasis Environmental, Inc.'s patent pending process converts waste oil into ASTM #2 diesel fuel in a one-step process of thermal cracking and distillation. The company manufactures its own equipment for its own processing facility as well as markets it to others.
SOURCE Green Oasis Environmental, Inc.
-0- 09/12/96
/CONTACT: J. Spencer Maus, president, Microcap Consulting &
Communications, 847-266-2055, or fax: 847-266-2058; or William D. Carraway,
president of Green Oasis Environmental, 803-722-5771, fax: 803-722-5785,
or e-Mail: grno(at)awod.com,
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