SOURCE: Grid Cloud Solutions

February 01, 2011 14:40 ET

Grid Cloud Solutions Cancels 467,680,276 Shares and Seeks Court Order on the Cancellation of an Additional 101,240,000 Shares

TORONTO--(Marketwire - February 1, 2011) - Grid Cloud Solutions Inc. (PINKSHEETS: GRDC) is pleased to report the cancellation of 467,680,276 of its outstanding shares.

This cancellation brings the current total issued and outstanding shares to 194,319,724. (Prior to the cancellation, there were over 647,000,000 shares issued and outstanding.)

The share cancellation follows new management's diligent work to recapitalize the Company while challenging previous transactions that yielded poor results. This followed the removal of previous management by written consent by the majority of shareholders.

The aforementioned shares cancelled were part of settlement(s) made with the shareholders in question and the termination and mutual release of assets, debts and future liabilities.

In accession, the Company has obtained affidavits representing lost certificates together with consents to cancel 66,700,000 shares. In light of the company's transfer agent requiring physical delivery of the shares, or a court order, in compliance, the company's attorneys are filing in the State of Florida, for an order of cancellation.

Further Cancellations Pending
The Company is attempting to settle with the remaining shareholders in question, which represents 54,540,000 shares. The Company has retained general and litigation counsel and is exploring all legal actions available to cancel these shares. In the event that these additional shares are not cancelled, or if an expedited settlement cannot be reached, the Company intends to seek damages for all associated costs for their cancellation.

In the event the Company is successful in the cancellation of the remaining shares, the total Issued & Outstanding would be further reduced to 73,079,724.

Although management is confident of a favorable outcome, there can be no assurance given in the Company's ability to cancel these remaining shares.

About Grid Cloud Solutions Inc.:
Grid Cloud Solutions Inc. offers comprehensive design, development and management services to the Biomass, Solar Thermal & PV and Wind energy industry. The Company brings decades of consulting experience to Federal and Provincial governments globally.

In conjunction, in an effort to protect our client's long-term investment, the company offers complete power plant security systems, insuring uninterrupted, reliable power generation for years to come.

For more information please visit: www.gridcs.com

Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.

Contact Information

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