GreenShift to Withdraw Business Development Company Election
Friday May 5, 10:10 am ET
Withdrawal Changes GreenShift from Investment Company to Operating Company with Current Operations Generating More Than $30 Million in Annualized Revenues
NEW YORK--(BUSINESS WIRE)--May 5, 2006--GreenShift Corporation (OTC Bulletin Board: GSHF - News) today announced its intention to withdraw its election to be regulated as a business development company ("BDC") under the Investment Company Act of 1940.
The withdrawal is in part due to GreenShift's decision to change its business focus from an investment company to an operating company. GreenShift currently holds majority and minority stakes in a number of operating companies with current revenues exceeding $30 million per year. With its change in focus to an operating company, GreenShift intends to focus on the increased revenue and earnings growth of these and other pre-revenue companies owned by GreenShift.
"We are excited by this change," said Kevin Kreisler, GreenShift's chairman and chief executive officer. "In addition to reducing our overhead and our administrative complexity, we believe that this move is timely given our growth during the past year and the recent surge in interest for green companies and clean technologies. We hold sizeable stakes in a number of exciting companies and we are very much looking forward to actively driving their growth. We believe that this change will favorably impact our efforts."
GreenShift also today announced its intention to realign its operations, as soon as possible, according to the following core operating activities:
* AgriFuels: production and sales of biodiesel and ethanol.
* Energy: production and sales of energy from distributed clean power generation facilities including solar, wind, wave and hydro power facilities, as well as sales of renewable energy and conservation credits.
* Clean Technology: provision of clean technology engineering services and applied clean technologies designed to help companies and people use natural resources more efficiently.
* Environmental Services: provision of diversified environmental engineering and management services, including site remediation services, regulated materials and hazardous waste management services, and environmental engineering services.
* Advanced Applications: development and licensing of commercially viable applications of critical new clean technologies that have been demonstrated to be cost-effective on a bench scale.
About GreenShift Corporation
GreenShift Corporation (OTC Bulletin Board: GSHF - News) is a publicly traded company whose mission is to develop and support clean technologies and companies that facilitate the efficient use of natural resources and catalyze transformational environmental gains. Additional information regarding GreenShift is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact:
GreenShift Corporation
Investor Relations, 888-895-3585, ext. 291
Fax: 646-792-2636
investorrelations@greenshift.com
www.greenshift.com
or
CEOcast, Inc. for GreenShift Corporation
Andrew Hellman, 212-732-4300
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