SALT LAKE CITY, UT--(Marketwired - Jun 29, 2016) - Green Endeavors, Inc. (OTC PINK: GRNE) has begun the process to restructure over $2.1M in related party debt currently on its balance sheet as part of a recapitalization process. The elimination of the debt coupled with a higher share price as a result of the announced reverse stock split is expected to make the company more attractive to financiers and investors.
Richard Surber, CEO, noted, "It is time to move the company forward. The first step in the process of growing GRNE, at this point in time, is restructuring the shares of common stock to a level that is more attractive to accredited and institutional investors. The second step is to eliminate the large related party debt of $2.1M which will transform the balance sheet. The third step will be to spin GRNE off from its parent company Sack Lunch Productions, Inc. (OTC PINK: SAKL). The separation of the companies can occur once SAKL eliminates certain secured creditors which is anticipated to occur in the first half of 2017. A pro rata distribution of the shares of GRNE that SAKL holds, would be spun off to SAKL's existing shareholders at the appropriate time is the current plan."
GRNE is looking to execute upon its plans to expand the number of salons it currently operates through acquiring existing Aveda™ salons as well as building out new Landis Lifestyle Salons. The company plans to execute upon its growth plans as soon as it is fully staffed at its current locations. GRNE has made substantial progress over the last 12 months with its recruiting efforts and is on track to generate near record revenues in 2016.
If you are an Aveda™ salon owner and are looking to sell your Aveda™ licensed salon or join our public company by being acquired by GRNE, please contact Richard Surber.
About Green Endeavors, Inc.:
Green Endeavors, Inc. (OTC PINK: GRNE), headquartered in Salt Lake City, Utah, is a holding company with operations in health & beauty. GRNE's wholly owned subsidiaries, Landis Salons, Inc., Landis Salons II, Inc., and Landis Experience Center LLC, http://www.landissalon.com; operate hair salons built around the world-class AVEDA™ product line. For more information, visit http://www.green-endeavors.com. GRNE strongly encourages the public to read the above information in conjunction with its filings and disclosures filed in 2016 and 2015 including its Schedule 14C. GRNE's disclosures can be viewed at www.sec.gov and www.otcmarkets.com. Investors should not invest more than they can afford to lose in penny stocks.