Greene Concepts Cancels All Convertible Debt and Strengthens Financial Position

Rhea-AI Summary

Greene Concepts Inc. (OTC Pink: INKW) has announced the cancellation and removal of all outstanding convertible notes from its financial statements, effective July 31, 2024. This move results in a debt reduction of $313,995.68, which could have potentially led to over 6.2 billion additional shares if converted at the stated rate of $0.00005 per share.

CEO Lenny Greene emphasized that this action protects shareholder value by preventing significant dilution and aims to enhance earnings per share. The company views this as a demonstration of its commitment to improving financial stability and aligning with strategic goals to make BE WATER™ a nationally recognized brand. The debt elimination will be reflected in the upcoming annual report.

Positive

• Cancellation of $313,995.68 in convertible debt
• Prevention of potential 6.2 billion share dilution
• Improved financial position and reduced liabilities
• Potential enhancement of earnings per share

Negative

• None.

News Market Reaction

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1 alert

% News Effect

On the day this news was published, INKW declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Marion, North Carolina--(Newsfile Corp. - October 8, 2024) - Greene Concepts Inc. (OTC Pink: INKW) is pleased to announce the cancellation and removal of all of the Company's formally outstanding convertible notes. These notes, some dating as far back as 2018, met the statutory criteria to be cancelled and removed from the Company books and financial statements effective with the Company's fiscal yearend of July 31, 2024.

The cancellation and removal of these notes amounts to $313,995.68 in debt reduction and could have potentially equated to over 6.2 billion shares had they been converted at the note's stated conversion rate of .00005 per share. $313,995.68 divided by .00005 = 6,279,913,600.

Lenny Greene, CEO of Greene Concepts, states, "The removal of these convertible notes off our books is wonderful news for the Company and for all shareholders. Had these notes been converted, 6.2 billion additional INKW shares would have entered the market, significantly diluting existing shares. By eliminating this debt without conversion, we protect shareholder value and seek to enhance earnings per share."

Mr. Greene concludes, "Cancelling the convertible notes demonstrates our commitment to improving shareholder value and eliminating toxic debt as we strive to secure and improve the Company's financial future. This action signals management's confidence in Greene Concepts' financial stability and growth prospects, while aligning with our strategic goals of making our flagship artesian spring water, BE WATER™, a nationally recognized brand."

The elimination of this debt is reflected in the Company's upcoming annual report. See the OTC Markets Disclosure page for more information.

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 consumers while refreshing their mind, body and spirit. The Company's flagship product, BE WATER, is a premium artesian bottled water that supports total body health and wellness. Greene Concepts' beverage and bottling plant is located in Marion, North Carolina, and their water is ethically sourced from spring and artesian wells that are fed from a natural aquifer located deep beneath the Blue Ridge Mountains. Greene Concepts continues to develop and market premium beverage brands designed to enhance the daily lives of consumers.

Safe Harbor: This Press Release contains 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. These forward-looking statements are based on the current plans and expectations of management and are subject to a few uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events or otherwise.

CONTACT:
Greene Concepts, Inc.
Investor Relations
IR@greeneconcepts.com

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FAQ

How much convertible debt did Greene Concepts (INKW) cancel?

Greene Concepts (INKW) cancelled $313,995.68 in convertible debt, effective July 31, 2024.

What is the potential share dilution prevented by INKW's debt cancellation?

The debt cancellation prevented a potential dilution of over 6.2 billion shares, which could have been issued if the convertible notes were converted at $0.00005 per share.

When will the debt cancellation be reflected in Greene Concepts' (INKW) financial statements?

The debt cancellation will be reflected in Greene Concepts' (INKW) upcoming annual report for the fiscal year ending July 31, 2024.

How does the convertible debt cancellation affect INKW shareholders?

The cancellation protects shareholder value by preventing significant dilution and aims to enhance earnings per share for INKW shareholders.