TUCSON, AZ--(Marketwired - Jan 25, 2017) - ABCO Energy, Inc. (
In addition to the reduction in shares outstanding, the company financial statement was improved by the elimination of $396,798 in direct and derivative liability and a reduction of related derivative interest and amortization expenses totaling $246,711 on the income statement. The total effect to the ABCO balance sheet for cancellation of the notes through conversion will be $643,509. This reduction in debt will improve the company credit lines and fund raising in the very near future. Due to the conversion of the debt to common shares, the company experienced a very large volume of trading and wide dispersion of it stock to many new investors and traders. Our post reversal of shares has resulted in approximately 26,871,761 shares being currently outstanding. This will benefit the Company in the future and will create a more reliable market for our stock.
"In the first day of trading under the new symbol, our stock price reached $0.0235, which will allow the Company to proceed with the Blackbridge financing and begin to satisfy the OTC share price rules," says Charles O'Dowd, President of ABCO. "This will also allow us to issue new shares with less dilution on an expedited basis to raise capital necessary to expand our operations."
ABCO Energy, Inc. is an Arizona licensed contractor for sales and installation of Photovoltaic Solar Systems, Solar Street Lighting and installation of LED and energy conservation lighting systems in their markets. ABCO provides products and services to residential, commercial, government and non-profit entities in all their markets.
Safe Harbor Statement
Note: Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-5 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than the statements of fact, included in this press release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. ABCO undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
Contact Information:
INVESTOR RELATIONS CONTACT:
Benchmark Advisory Partners, LLC
Timothy Connor
President
2010 Jimmy Durante Blvd.
Carlsbad, CA 92009
Phone: 866-703-4778
admin@bmarkadvisory.com
CORPORATE CONTACT INFORMATION:
Charles O'Dowd
President
Email: info@abcoenergy.com
2100 North Wilmot, Suite 211
Tucson, Arizona 85712
Phone: 520-777-0511
Fax: 520-620-5574
Website www.abcosolar.com