SOURCE: Vega Biofuels

October 15, 2015 10:00 ET

Vega Biofuels Announces FINRA Approval of Company's Restructuring Plan

NORCROSS, GA--(Marketwired - Oct 15, 2015) - VEGA BIOFUELS, INC. (OTC PINK: VGPR) announced today that The Financial Industry Regulatory Authority ("FINRA") approved the Company's restructuring plan that includes a 1 for 300 reverse stock split. FINRA has stated that the reverse stock split will become effective on October 16, 2015. Vega's common stock will begin trading on a post-split basis before the market opens on Friday, October 16, 2015. 

Vega's common stock will trade under the ticker symbol "VGPRD" for a period of 20 business days. At the end of the 20 days, the ticker symbol will revert back to "VGPR". The common shares will trade under the new CUSIP number 922547302.

On the effective date, every 300 shares of outstanding common stock will be converted into 1 share of issued and outstanding common stock. The authorized number of common shares will be reduced to 500,000,000. On the effective date, the Company will have approximately 9,606,683 shares of common stock outstanding. All fractional shares of common stock will be rounded up to the nearest whole number.

Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.

DATASOURCE: Vega Biofuels, Inc.

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