Business
Greene Concepts Opens and Funds Brokerage Account For Launch of Stock Buyback Program
Greene Concepts Opens and Funds Brokerage Account For Launch of Stock Buyback Program.
About this update from Greene Concepts, Inc.
[{"type":"text","content":"\n Marion, North Carolina, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Greene Concepts, Inc. (OTC Pink: INKW) today announced that the Company recently opened and funded a brokerage account in the Company’s name, which will be used as part of a corporate stock buyback and share retirement program.  In addition to the buyback program, the Company has also settled convertible debt without share dilution. After consulting with a securities attorney, Greene Concepts opened the brokerage account to execute on their plan of the corporate stock buyback and share retirement program. Under the program, stock buybacks will be made under very specific, regulated conditions in order to comply with federal securities regulations. The timing and number of shares purchased will depend upon price, market conditions, and several regulated factors. The Company will adhere to the rules and regulations as outlined by the SEC and all other applicable legal requirements. In addition to the buyback program, Greene Concepts recently settled $130,000 in convertible debt without the issuance of stock.  The settlement was in exchange for a partial unit of the Company’s previously announced product branding units. The transaction is based on the long-term commitment to success and growth of the Company's BE WATER™ brand. There was no dilutive effect for shareholders in this transaction. Lenny Greene, CEO of Greene Concepts, states, “We are committed to reinforcing the value proposition for our thousands of INKW shareholders. We were able to settle certain short-term toxic, convertible notes, assisting to strengthen the Company’s balance sheet.” Mr. Greene continues, “In addition toxic debt settlement, our corporate stock buyback and share retirement program will have a number of solid benefits for shareholders and the company alike.  The Company will continue to focus on building premium brands and increasing revenues throughout 2022 and beyond. Stay tuned for exciting upcoming information about new product releases and Company growth opportunities.”    About Greene Concepts, Inc. Greene Concepts, Inc. (http://www.greeneconcepts.com) is a publicly traded company whose purpose is to provide the world with high-quality, healthy and enhanced beverage choices that meet the nutritional needs of its ...