SOURCE: Alternative Fuels Americas

Alternative Fuels Americas

September 22, 2010 09:00 ET

Netspace International Announces Name Change and Reverse Stock Split

Company Now Named Alternative Fuels Americas

NORTH MIAMI BEACH, FL--(Marketwire - September 22, 2010) -  Netspace International Holdings, Inc. (PINKSHEETS: NSIH) announced today that it has changed its name to Alternative Fuels Americas, Inc. ("AFA") to better reflect the Company's new business focus of establishing a sustainable biodiesel enterprise in select Latin American countries. The Company has also applied (but has not yet received approval) to change its stock symbol to "AFAI."

In addition, the Company also announced, that pursuant to a decision made by the Board of Directors and approved by a majority of shareholders, it has implemented a 200 for one reverse stock split effective at the close of business on September 16, 2010. Pursuant to the reverse stock split, each 200 shares of common stock will be converted into one share of common stock. No fractional shares will be issued; rather fractional shares will be rounded up to the nearest whole share.

AFA is currently rolling out a development plan designed to plant more than 100,000 hectares across up to 14 Latin American countries with Jatropha, a plant particularly suited for the production of biodiesel fuel. The Company has engaged in successful agricultural trials and has begun the process of initiating commercial plantings. AFA intends to be a "seed to pump" company and plans to engage in all phases of the biodiesel process -- planting, growing, and harvesting Jatropha, crushing and refining Jatropha seeds into biodiesel, and selling the biodiesel or green fuel into the local markets.

"This name change and reverse stock split are necessary steps in our efforts to establish a strong structural foundation for our company," commented AFA CEO Craig Frank. "The name Alternative Fuels Americas clearly emphasizes our business and the reverse stock split significantly simplifies our capital structure, enabling easier trading of our common stock as well as improving our ability to raise additional capital. Moreover, we believe that this will assist us as we continue our efforts to establish a meaningful presence in the Latin American market for biodiesel fuel and grow shareholder value."

About Alternative Fuels Americas

Alternative Fuels Americas (AFA) intends to be a "seed to pump" company and plans to engage in all phases of the biodiesel process -- planting, growing, and harvesting Jatropha, crushing and refining Jatropha seeds into biodiesel, and selling the biodiesel or green fuel oil into the local markets. For more information, visit http://www.alternativefuelsamericas.com

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Contact Information

  • Contact:
    Craig Frank
    954-612-6475