For The Earth Corporation CEO, Nelson Grist, Announces Three-Step Initiative to Enhance Net Stock Holders Equity
PHOENIX, AZ, November 08, 2013 - (eTeligis via ACCESSWIRE) -- For The Earth Corporation (OTC Pink: FTEGD) CEO Nelson Grist is pleased to announce that the company is implementing a three-step initiative to enhance its net stock holders? Equity.
For the Earth Corporation has maintained its public disclosure on OTC Markets by remaining current in its filing obligations. This initiative is intended to enhance the value for stockholders. Corporately, For The Earth has recently amended its Articles of Incorporation and Corporate Bylaws to create a series of Anti-Dilutive, Convertible Preferred Shares to protect its majority stakeholders. These securities will soon become available to the common shareholders, pending FINRA approval. The objective, moving forward, is to insulate the stockholders from past, present, or future dilution in the open market by providing these anti-dilutive securities as a dividend payment. These derivatives are restricted for one year, will turn into a predetermined amount of common stock through issuance resolutions on the part of Management, and convert at the par value of the public company. Pending FINRA approval, more clarity will be available on the record date for this corporate action.
The next step in the initiative is for the Company to use these convertible preferred securities as currency to exchange or novate its derivative liabilities that exist on the financial statements in the form of affiliate and non-affiliate debt. The Company anticipates that much of its principal affiliate debt will be retired for these instruments, while the interest will be converted into restricted common stock. The defaulted interest portion of the mature, secured, third-party non-affiliate debt will be assigned and converted into equity by their bond holders to remove any future compounding derivative liabilities on the balance sheet.
The last part of the three-step initiative is to become more transparent as an issuer. For the Earth Corporation will pursue a look-back audit of its financial statements through a PCAOB Accounting Firm and will look to file a Form 10 with the SEC to become fully reporting. The Company anticipates a follow-up S1 filing soon thereafter so that its new found preferred stockholders, who have converted into a predetermined amount of common stock, can see their securities become freely trading in the effective that comes from the SEC.
Nelson Grist, CEO of For The Earth Corporation, said, "The three-step initiative is a blueprint to acquire and attract investment and equity into our company. We will also strengthen investor confidence by committing ourselves to stock and cash dividends, remove affiliate and non-affiliate debt, and file audited financial statements so that we can file with the SEC. We also aim to build net stockholders' equity on the balance sheet. This is a process we are committed to forging ahead with, and our resolve to complete those tasks are a function of effort, teamwork, and time".
A Company spokesperson further stated, "We have a team of very qualified professionals to implement this strategy and our mandate, moving forward, while we add sound accounting and legal representation to make good on this initiative, is to better communicate with our stockholders. Additionally, For The Earth Corporation will maintain a transparent dialogue with its investors, as to the clarity of implementing those objectives. As we meet certain milestones, the investment community will be more thoroughly aware of this through our disclosures and public records."
Safe Harbor Statement: This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
Company Contact Information:
Mr. Nelson Grist, Chief Executive Officer