Greentech USA seeing mostly red, files Chapter 11
South Florida Business Journal by Ed Duggan
Date: Monday, June 13, 2005, 12:00am EDT - Last Modified: Thursday, June 9, 2005, 9:52am EDT
Related: Bankruptcies
Ed Duggan
Fort Lauderdale-based Greentech USA filed for Chapter 11 bankruptcy reorganization after revocation of its securities registration and an eviction notice from its landlord.
Greentech USA defaulted on a settlement agreement in which it was to have restated certain filings, brought others up to date and have them audited, the SEC's May 27 revocation order said.
Greentech USA was organized in 1999 and changed its name from Dynamic Imaging Group in 2003.
According to its latest SEC 10Q filing, there were 9.52 million common shares outstanding on Sept. 30. It last traded at 55 cents a share before the SEC halted trading in February.
In September, Greentech reported losses of nearly $6.8 million since its inception and said it had unpaid payroll taxes.
The mini-conglomerate's (OTC BB: GTEIQ) SEC filings said it had operating divisions or subsidiaries in trade-show displays, screen-printing and Wi-Fi systems, in addition to owning a patent in connection with a manufacturer of modular plastic housing.
In 2004, Greentech USA reported three acquisitions:
The modular plastic housing patent from Housing Innovations for $1 million, payable in $50,000 cash with the balance in 23,750 Series C preferred shares
Sterling Fine Arts, a printing company, for $1 million, payable in 80,000 shares of Series C preferred stock and the assumption of $200,000 in debt
Broadband Oasis, a Wi-Fi ...
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