SOURCE: Green Innovations Ltd.
CAPE CORAL, FL--(Marketwired - Jan 7, 2014) - Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company") is pleased to announce that through third party financing, the Company has paid off four convertible notes with principal amounts of $150,000, $105,000, $76,500 and $76,500.
The four notes matured with terms permitting conversion into common stock at 40%-45% discounts to the Market Price (as that term was separately defined in each note).
"We determined that the Company needed to pay off these notes to avoid further negative pressure on the stock as the Company begins the new year with an expected surge of growth in its sales efforts," said Bruce Harmon, CFO of Green Innovations.
The Company utilized a portion of a $1,000,000 advance on its recently completed $5,000,000 credit line to settle this debt. This accounts receivable financing facility will support the strategic rollout of the Company's line of Sensational® Bamboo products.
A fifth convertible note, in the principal amount of $55,000 and with a 25% conversion discount, matured in December of 2013, and the Company has negotiated a leak out agreement with the holder, based on daily trading volume limitations.
About Green Innovations Ltd.
Green Innovations Ltd., through its wholly-owned subsidiary, Green Hygienics, Inc. (http://www.greenhygienics.com), is the exclusive licensed North American distributor of American Hygienics Corporation's 100% tree-free bamboo-based product line, including personal care and paper-based goods. The marketplace for tissue paper products, diapers, wet wipes, feminine care products, and adult care products, is in excess of $29 billion annually in the United States. The Company is committed to providing consumers with quality products that are designed and manufactured to the highest standards in FDA-accepted manufacturing facilities without compromising product performance. Green Innovations is a member of the International Green Energy Council (IGEC) and dedicated to ensuring a more healthy and sustainable planet.
Safe Harbor Statement
This press release contains "forward-looking statements." Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, and specifically references to future potential purchase sales. The reader can identify these forward-looking statements by forward-looking words such as "may," "will," "expect," "potential," "anticipate," "forecast," "believe," "estimate," "project," "plan," "continue" or similar words. The reader should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. Forward-looking statements include, but are not limited to, statements regarding potential products, customers, revenues, expansion efforts, and future plans and objectives of Green Innovations Ltd. ("Green Innovations"). The risk factors listed in our disclosure documents and the cautionary language on this website provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations and projections described by Green Innovations in its forward-looking statements. Actual results relating to, among other things, product launch, sales, customer acceptance and market share could differ materially from those currently anticipated in such statements. Factors affecting forward-looking statements include: consumer preferences, competition from more established brands, ability to develop market share; changes in the operating costs; changes in economic conditions, foreign exchange and other financial markets; changes of the interest rates on borrowings; hedging activities that Green Innovations develops or produces; changes in the investments levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which Green Innovations operates; technological, mechanical and operational difficulties encountered in connection with Green Innovations' development activities; and labor relation matters and costs. The reader should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by Green Innovations from time to time with the Securities and Exchange Commission and other regulatory authorities.