SOURCE: B Green Innovations, Inc.

February 24, 2010 08:18 ET

B Green Innovations, Inc. Receives $1.1 Million Series A Preferred Stock Investment With No Discount to Market or Voting Rights

B Green Continues to Attract National Re-Sellers, With Partners Nationwide, Europe and Canada Selling Its "Green" VibeAway® & ECOPOD® Products; Including Whirlpool

MATAWAN, NJ--(Marketwire - February 24, 2010) -  B Green Innovations (OTCBB: BGNN) is proud to announce today that it has received a preferred stock investment of $1.1 million on very favorable terms.

The Series A Preferred Stock is as follows:

  1. Investors in Series A Preferred Stock have no voting rights and do not join with the Class A Common Stock shareholders in voting on shareholder matters regarding the Company.
  2. Investors in Series A Preferred Stock will accrue 3% dividends on a quarterly basis which is below commercial market borrowing rates.
  3. Investors in Series A Preferred Stock may convert their shares into Class A Common Stock at current market prices at the time of the conversion with no discount to market.
  4. The Company can redeem part or all of the Series A Preferred Stock by paying the investors the initial value plus accrued dividends plus a warrant at an exercise price of $0.05 per share. 

Jerry Mahoney, founder of B Green said, "We're very pleased with the very favorable terms of the investment, so that we may execute our strategic business plan and improve shareholder value. This funding is basic to fulfilling B Green's commitment to realize its additional product offerings and potential opportunities. Mahoney continued, "I hope the investment will help B Green capitalize on the attractive investment opportunities that currently exist in today's turbulent economy."

About B Green Innovations:

The B Green Innovations, Inc. ("B Green"), "Go Green" mission from its inception, is to create a "Green" company for the development of solutions to eliminate waste from the world's environment. B Green offers consumers a realistic and necessary solution to the problem of waste around the world. We believe that to truly have an impact on the planet, one must be committed to the environment and seek out environmentally-friendly products.

Certain information included in this press release, may contain forward-looking statements about our current and expected performance trends, growth plans, business goals and other matters. These statements may be contained in our filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers. Information set forth in this press release contains various "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. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

Contact Information

  • Contact:
    Dolores Serafin