SOURCE: Hollund Industrial Marine
BLAINE, WA--(Marketwire - Feb 25, 2013) - Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the "Company") announced today that after receiving shareholder inquires, the Company seeks to reassure markets of its endeavors.
"We are deeply moved and greatly encouraged by the inflow of shareholder correspondences," stated Peter Meier, President of Hollund. "It certainly speaks to the belief and support that many of our stockholders have in HIMR's undertaking to robotically harvest underwater timber on a commercial scale and in providing the world with a truly eco-friendly source of wood products."
Management has reported receiving written and telephonic correspondences from shareholders concerning an array of topics; primarily relating to the company's silence over the past 90 days, filings with PinkSheets, Hollund's move to Ukiah and its share reduction efforts. The company did in fact correspond with many of its shareholders, however, no new, non-public information was provided in remaining compliant with disclosure rules.
"This is the catalyst of today's press release," continued Meier. "In general, we conveyed that our silence was due to the fact that we were simply focused on forwarding the company's business and were not looking to release 'trivial' news. There is a fine line between substantive news and hype. Between December 2012 and today, while it is sincere that we have been hard at work, do understand, we have been working diligently on all of those things already known to the public; new items are not yet ready for release. Therefore, to continuously update on past matters with inconsequential progress, is not only nonsensical, but presumably may not be well received from a regulatory standpoint. So we chose the position to say little and work more.
"However, as it relates to the other common questions, here is where we are:
"Pink Sheet Filings - As this is our annual reporting, we have 120 days to file. Shareholders will note that we are still listed as a 'Current Filer' with OTC Markets (http://www.otcmarkets.com/stock/HIMR/quote) for this reason. We've not filed as promptly as usual, because it is this year that we hope will mark a special time for us, to which, we must properly prepare. We do anticipate making our voluntary filing shortly.
"Relocating - North Cal was gracious enough to offer us separate space on their property. However, due to the closeness of the project, the logistics of such a move were quite in-depth, including insurance matters and other items to where the i's and t's must be dotted and crossed. We anticipate this entire process will also be concluded shortly.
"Share Reduction - During our last discussions of share reduction, we noted that we completed our original quest far ahead of schedule and would seek to continue the efforts with a new reduction effort. The company did in fact retire an additional 500 million shares from the Issued and Outstanding (I/O) share count during the last quarter of 2012. This reduced the I/O from what's currently reflected on the PinkSheets (http://www.otcmarkets.com/stock/HIMR/company-info) as 4,689,341,272 shares down to 4,189,341,272 shares. There was an oversight and the data on PinkSheets was not updated. We will continue to actively pursue a reduction effort even amidst debt repayment and future financings. Having a suitably restructured company without the use of an 'unwarranted' reverse will continue to be one of our corporate ambitions."
People close to the company continue to be supportive of Hollund's efforts. There has been much indication that their joint efforts with associates, consultants and strategic alliances, in pursuit of Brazil concessions, have lead to some unanticipated opportunities in other parts of Latin America and now quite possibly the Caribbean.
Mr. Meier concludes, "There are indeed some incredible opportunities that have presented themselves to Hollund over the past 3 months. Our collective team has worked and traveled tirelessly to eliminate what appears unproductive and bring online those items that make sense. We strongly believe that securing a concession within the next 12 months is more apparent and within reach."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. (PINKSHEETS: HIMR) seeks to align the interests of businesses, communities, utilities and governments by offering an integrated business model for underwater forest management. Hollund's model -- including resource and needs assessment, permitting, environmental and project planning, logging, milling, product branding and sales adds value for our shareholders, our partners and reservoir based communities.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.