Enviro-Energy Corporation Major Shareholder Announces Stock Distribution to Fund and Finance Revenue Growth
SPOKANE, Wash.--(BUSINESS WIRE)--Oct. 15, 2002--Split Rock Ventures LLC, owner of 95.5 Million Restricted Shares of Enviro-Energy Corporation's (OTCBB:ENGY) (Germany: 676401-EVM.BER) Common Stock has filed an SEC Form 4 declaring the following distribution of the above 95.5 Million Shares: 1) Fifteen (15) Million Shares to Newco, a San Diego, CA company (in organization) with a business purpose to introduce and coordinate the sale, with financing, of Enviro-Energy's Anaerobic Digester System to a national distributor organization currently engaged in sales to the agriculture market.
Newco will also provide adequate interim financing to Enviro-Energy for manufacturing organization expenses of the Anaerobic Digester Systems. Galen Loven, the Company's founding CEO and continuing consultant contributed three (3) Million of his shares. The Company's proprietary and patented system is the most economically efficient method of complying with both federal and state environmental animal waste cleaning mandates. The Enviro-Energy Anaerobic Digester uses animal waste to produce energy with an end product of very high potassium and nitrogen, virtually pathogen free organic soil additive; 2) Five (5) Million Shares transferred (with an additional ten (10) Million Shares escrowed) to Thomas Bowers, newly elected CEO of the Company. The escrowed Ten (10) Million Shares will be released upon successful implementation of the Company's new national sales and finance strategy. Mr. Bowers has considerable CEO experience with both publicly traded and energy related companies; and 3) Distribution of Split Rock Ventures LLC remaining restricted Energy Shares to the two Split Rock shareholders Cory Colvin (founder of Colvico, Enviro-Energy's wholly owned subsidiary) and Michael Funk (President of EFMI -- another wholly owned Company subsidiary) who, with Galen Loven, are considered Founders of the 1 1/2 year old company.
Mr. Michael Funk, Managing Partner of Split Rock Ventures, LLC stated, "We are confident that Enviro-Energy's new sales and financing business direction will enable the Company to remain the leader in animal waste to energy technology and more importantly, generate substantial sales revenue. Split Rock Ventures has provided the Enviro-Energy shares for these transactions to prevent shareholder dilution from Company issued shares."
Enviro-Energy Corporation is a developer and operator of environmentally related businesses.
CONTACT: Enviro-Energy Corporation
Tom Bowers, 509/252-5850
tfbowers@enviro-energycorp.com
www.enviro-energycorp.com
or
Split Rock Ventures LLC
Mike Funk, 509/252-5827
mfunk@enviro-energycorp.com
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