Vega Biofuels, Inc.’s Board Of Directors Cancels Reverse Split After Successful Colorado Tripadmin
Company secures several meetings with potential Acquisition Candidates and Plans to add Vega Biochar, Inc. as additional Subsidiary
NORCROSS, GA / ACCESSWIRE / MARCH 27, 2014 / VEGA BIOFUELS, INC. (Pink Sheets VGPR) is pleased to announce its Board of Directors has canceled the previously approved reverse split. The Company’s management team has decided Vega Biofuels will continue its growth through acquisitions and had several successful meetings during its recent trips to Colorado. Vega Biofuels management team has scheduled an additional trip to Colorado in April to have follow-up meetings with its potential acquisition candidates.
“The first quarter of 2014 has been a very busy and exciting time for our company,” stated Michael K. Molen, CEO of Vega Biofuels, Inc. “We have experienced tremendous growth this year and plan to continue to build our company through acquisitions.”
Due to the success during the management team’s recent trips to Colorado and meeting with industry experts in the biochar business, Vega Biofuels plans to form a subsidiary called Vega Biochar, Inc. The Company’s new subsidiary will concentrate on selling biochar to the agricultural industry, including the booming legal marijuana business.
“We have had tremendous interest in our biochar product and will be in a position to start shipping product to customers in the legal marijuana business within the next 30 days,” Molen stated. “We will be sharing additional information concerning this matter as we move forward. The opportunity is tremendous and we are very fortunate to be in the position we are in.”
During the forth quarter of 2013 Vega Biofuels, Inc. was in discussions with another company to merge and change its name to Biotech Energy Corporation. In anticipation of that merger, the Company secured the name through the Secretary of State of Wyoming. As part of the merger, and by shareholder vote, it was decided that Vega Biofuels, Inc. would also do a reverse split of its common stock. The proposed merger did not take place. Therefore, our securities attorney filed an Amendment to our Articles of Incorporation that became affective yesterday, reversing the original Amendment, leaving the name of the Company Vega Biofuels as well as cancelling the reverse split and increasing the Authorized common shares from 950 million to 2 billion shares. These shares are not issued, only authorized to give the Company the ability to fund its subsidiary and attract new acquisitions.
About Vega Biofuels, Inc.:
Vega Biofuels, Inc. is in the process of building a manufacturing plant that when finished will manufacture Bio-coal and Biochar from timber waste using unique technology called torrefaction. Torrefaction is the treatment of biomass at high temperatures under low oxygen conditions. The Company is focusing on selling its Biochar directly to the Medical Marijuana Industry.
Michael K. Molen
Vega Biofuels, Inc.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast,” “plan,” “project,” “intend,” “expect,” “should,” “would,” and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
CONTACT: Vega Biofuels, Inc.: 800-481-0186
SOURCE: Vega Biofuels, Inc.
Posted: March 27th, 2014 under ACCESSWIRE.