Science & Technology
Science and Technology
Science and Technology
Wed, July 15, 2009 I Green Innovations: I Green Innovations, Inc. Issues Letter to Shareholders Update on B Green Innovations, Inc.
MATAWAN, NJ--(Marketwire - July 15, 2009) - I Green Innovations, Inc. (
Dear I Green Innovations Shareholder:
Over the past month, many of you have contacted the company for an update on our progress. The B Green Innovations, Inc. ("B Green"), a wholly owned subsidiary of I Green, "Go Green" mission from its inception, is to create a "Green" company for the development of solutions to eliminate waste from the world's environment. B Green offers consumers a realistic and necessary solution to the problem of waste around the world. We believe that to truly have an impact on the planet, one must be committed to the environment and seek out environmentally-friendly products.
Some the highlights:
Sales & Marketing:
-- The VibeAway™ is currently being tested and evaluated for distribution by one of the largest big box retailers in the country and also by several of largest manufacturers of washing machines in the world. -- B Green with partners nationwide and Canada is selling its "Green" VibeAway™ & ECOPOD™ Products -- ARP Supply Corporation ("ARP Supply") will market and sell the VibeAway™ through its 23 members with over 180 locations nationwide. ARP Supply is an independent group of distributors, cooperatively working with vendors adding value within the supply chain by providing the highest quality products and services to its customers. ARP Supply is currently active in the following industries: appliance, HVAC, motors, plumbing, maintenance, electrical, tools, and refrigeration. ARP Supply was founded in 1979 and has evolved into one of largest buying groups of its kind. Last year, ARP Supply membership combined sales exceeded $500 million. -- Sid Harvey Industries, Inc. ("Sid Harvey") will market and sell ECOPOD™ and VibeAway™, which operates 74 branches from Maine to Maryland, with branches in the Midwest and in the Rocky Mountain region and more than 50,000 SKU items for sale and more than 30,000 customers. Outlets are supplied by a 162,500 sq. ft. central distribution center in Wilkes-Barre, PA. In addition to its supply distribution business, Sid Harvey is also the world's largest remanufacturer of heating components, operating a 77,000 sq. ft. manufacturing plant in Andrews, SC. -- BrandSource has offered a Special Introductory Price on VibeAway™ to all BrandSource members. BrandSource has over 3,000 locally owned appliance, electronics, bedding, home furnishings and floor covering stores nationwide. BrandSource stores offer all the major brands and is the source for low prices, large selection and personalized service. BrandSource combines the purchases of all member stores, which creates $11billion buying power that means customers get the best value every day. I Green Innovations is Debt Free:
The Company has instituted a number of actions by removing the ability of holders of convertible debentures and preferred stock to convert these securities into Common Stock thereby eliminating the further dilution of the Common Stock and the shareholders' position in the Company:
-- Convertible debentures that the Company previously issued to YA Global Investments LP. (f/k/a Cornell Capital) have been paid in full. The Company no longer owes any monies to YA Global and YA Global can no longer convert the debentures into shares of the Company. -- The Company has amended the rights of the holders of its Series A Secured Preferred Stock ("Preferred Stock") and has removed the right for holders to convert the Preferred Stock into the Company's Common Stock. The Company has $1.44 million of Preferred Stock issued and outstanding. Additionally, the Company also removed the right for holders of the Preferred Stock to vote their stock as Common Stock. -- The Company has adopted a Share Buyback Program (the "Program"). Under the terms of the Program, the Board of Directors has authorized the management of the Company to make open market purchases of up to $75,000 from time to time during the next twelve months Patent Filings & Technology Developments:
The Company will continue its research and development to generate new and improved product offerings while strengthening its intellectual property portfolio. Patents filed to date are listed below with five additional filings to follow:
-- New interlocking paver and patio blocks. -- Recycled tire trash cans -- Vehicle mud flaps made of recycled tires -- Recycled tire pod with appliance recess guide -- The Company filed patents for the method of producing composite recycled bottle sheet products made from recycled plastic. -- The Company will be filing for several additional patents in the near future.
Assignment of Assets & Debtor's Customers:
-- On May 21, 2009, after filing suit against Atire Technologies, Inc. ("Atire") for the collection of a $30,000 secured promissory note, the Company entered into a Stipulation of Settlement with Atire, whereby Atire agreed to transfer to the Company all of its rights, title and interest in various assets of Atire (the "Assets"). These assets included various machinery and supplies used in the fabrication of products from recycled tire rubber and the existing customer list of Atire. The Company has valued the machinery and supplies at Eighty Thousand Dollars ($80,000). New Products:
-- B Green has commenced prototype development for products made from recycled plastic and from compressed flat composite recycled bottle sheets that retain the visible display of the recycled bottles.
All of the milestones referenced above have been accomplished within the past thirteen months. With our rapidly increasing manufacturing capacities, distribution of our products, our stock buy-back program, the Company being debt free and the potential in the market for "Green" opportunities, we believe the Company is in a great position to deliver on its prospects, I would like to thank you for your continued support.
Sincerely,
Jerry Mahoney
President and Chief Executive Officer
Certain information included in this press release, may contain forward-looking statements about our current and expected performance trends, growth plans, business goals and other matters. These statements may be contained in our filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers. Information set forth in this press release contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
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