GSHF moving,
GreenShift to Withdraw Business Development Company Election
Friday May 5, 10:10 am ET
Withdrawal Changes GreenShift from Investment Company to Operating Company with Current Operations Generating More Than $30 Million in Annualized Revenues
NEW YORK--(BUSINESS WIRE)--May 5, 2006--GreenShift Corporation (OTC Bulletin Board: GSHF - News) today announced its intention to withdraw its election to be regulated as a business development company ("BDC") under the Investment Company Act of 1940.
The withdrawal is in part due to GreenShift's decision to change its business focus from an investment company to an operating company. GreenShift currently holds majority and minority stakes in a number of operating companies with current revenues exceeding $30 million per year. With its change in focus to an operating company, GreenShift intends to focus on the increased revenue and earnings growth of these and other pre-revenue companies owned by GreenShift.
"We are excited by this change," said Kevin Kreisler, GreenShift's chairman and chief executive officer. "In addition to reducing our overhead and our administrative complexity, we believe that this move is timely given our growth during the past year and the recent surge in interest for green companies and clean technologies. We hold sizeable stakes in a number of exciting companies and we are very much looking forward to actively driving their growth. We believe that this change will favorably impact our efforts."
GreenShift also today announced its intention to realign its operations, as soon as possible, according to the following core operating activities:
AgriFuels: production and sales of biodiesel and ethanol.
Energy: production and sales of energy from distributed clean power generation facilities including solar, wind, wave and hydro power facilities, as well as sales of renewable energy and conservation credits.
Clean Technology: provision of clean technology engineering services and applied clean technologies designed to help companies and people use natural resources more efficiently.
Environmental Services: provision of diversified environmental engineering and management services, including site remediation services, regulated materials and hazardous waste management services, and environmental engineering services.
Advanced Applications: development and licensing of commercially viable applications of critical new clean technologies that have been demonstrated to be cost-effective on a bench scale. |
