SGD Holdings, Ltd. Reduces Debt Structure
17 February 2011 - 1:10AM
Marketwired
SGD Holdings, Ltd. (PINKSHEETS: SGDH), parent company of premier
environmentally friendly paper products manufacturer EcoPaper, inc.
(www.ecopaper.com), today announced that the company is continuing
efforts to reduce its debt structure through a stock conversion
deal with Harry Johansing, the company's CEO.
SGD Holdings currently has notes outstanding in the amount of
$528,992. Johansing holds a note from SGD Holdings in the amount of
$71,992.23. Johansing is forgiving $50,000 of that note in exchange
for 714,286 shares of SGD Holdings' restricted stock at .07 per
share leaving $21,992.23 plus accrued interest that will remain
outstanding and payable to Johansing upon maturity of the note. The
transaction reduces SGD Holdings' overall debt by nearly ten
percent.
"This is a mutually beneficial situation," said Johansing. "As
the company seeks tier 1 financing to continue its current pattern
of growth, debt reduction is crucial to allowing us to deliver our
high-quality, environmentally friendly products to a broader
audience of international consumers. I believe this conversion will
create additional opportunities for our family of companies and for
our investors."
Forward-Looking Statements: The statements
in the press release that relate to the Company's expectations with
regard to the future impact on the Company's results from
acquisitions or actions in development, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The statements in this document may also
contain "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. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Forward-looking statements are subject to risks, uncertainties, and
other factors that could cause actual results to differ materially
from those contained in such statements. Such risks, uncertainties,
and factors include, but are not limited to, future capital needs,
changes and delays in plans and schedules, or market acceptance.
SGD Holdings, Ltd. undertakes no duty to update these
forward-looking statements.
Contact Harry Johansing 805-644-4462
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