I found the following information on another Stock Message Board Service:
GREEN OASIS ENVIRONMENTAL REDUCES CURRENT PAYABLES BY 50%
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 GRNO ELECTED TO CONVERT $75,098 OF THEIR RECEIVABLES OUTSTANDING INTO COMMON SHARES OF GREEN OASIS AND $817,478 INTO NON-INTEREST BEARING NOTES DUE SEPTEMBER 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 DECEMBER 31, 1995, WE HAVE REDUCED OUR CURRENT PAYABLES BY $1,501,000 FROM $2,394,000 TO APPROXIMATELY $893,000, OR 62%, THROUGH CONVERSION OF DEBT TO EQUITY. WE ANTICIPATE THAT THE STARTUP OF OUR CHARLESTON PLANT WILL PUT US IN A POSITIVE CASH FLOW MODE."
These moves should have a positive impact on cash flow..We all know it takes money to make money! |
