Welcome!

News Feed Item

RenuEn Corp Announces 1:50 Reverse Stock Split

CEO Outlines Reverse Stock Split and Fifty Percent Reduction of Company's Authorized Shares

JUPITER, FL -- (Marketwired) -- 01/30/14 -- RenuEn Corporation (OTC Pink: RENU) a renewable energy development and energy procurement and construction Company, announced today that its board of directors and majority stockholders approved and submitted the requisite paperwork to FINRA to effectuate a 1-for-50 reverse stock split. In light of the Company's expected growth, the reverse stock split is intended to enable the company to enter into agreements in the future, as well as acquisitions, financing or recapitalization transactions to position itself for its anticipated growth. Additionally, the company entered into an employment agreement with J. Charles Nemes to secure his services as our Chief Executive Officer. The company believes that Mr. Nemes is vital and his efforts and judgment are expected to contribute to the company's growth and success. The equity compensation component of Mr. Nemes' employment agreement is intended to assist in further aligning his interests to those of the company's other shareholders. This equity component and the vesting periods will be disclosed in the 2014 Q1 quarterly filings.

Jeff Nemes, RenuEn CEO commented, "As previously announced, I have a strong desire to position the company for future growth as our new management team seeks to implement its sales and marketing plans. Since taking over as CEO and the hiring of Laura Anthony, Esq. of Legal & Compliance, we have made a determination that immediate action was needed to restructure our capitalization to create the availability of additional common and preferred stock for future transactions. I believe this recapitalization plan will put this company on a path to fiscal stability and a solid financial foundation." Nemes added, "Because we have decided to pursue a more conservative approach to growth by pursuing revenue generating activities while reducing costs, it is my opinion that our renewed focus on sales and revenue, coupled with my continued mandate of fiscal responsibility, will position RenuEn for sustainable, long term growth in the renewable energy field."

When the reverse stock split becomes effective, every fifty shares of our common stock outstanding will automatically combine into one new share of common stock with no change in par value per share. This will reduce the number of shares of common stock outstanding from approximately 700 million to approximately 14 million. The Company's authorized number of shares of common stock will be reduced from 1 billion shares to 500 million shares. The company has also authorized 20 million shares of preferred stock that will be reserved for issuance in possible future transactions. None of the preferred shares are being issued at this time as a result of this recapitalization. The reverse stock split will affect all issued and outstanding shares of the company's common stock, as well as common stock underlying stock options and warrants outstanding immediately prior to the effectiveness of the reverse stock split. In connection with the reverse stock split, the CUSIP number for the common stock will change and be reported upon final FINRA approval.

Except for adjustments that may result from the treatment of fractional shares, which will be rounded up to the nearest whole number on a certificate-by-certificate basis, each stockholder will beneficially hold the same dollar value of common stock immediately following the reverse stock split as they held immediately prior to the reverse stock split.

Stockholders holding certificated shares or shares through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split as of its effective date. Although the issuance of new stock certificates will not be required, stockholders may obtain a new certificate from the company's transfer agent, Island Stock Transfer.

Nemes ended by stating, "I will be discussing this reverse split and the business strategy behind it on tonight's shareholder conference call scheduled for 5:30 e.s.t."

To participate in tonight's call:

Please register for RenuEn Corp 2013 Q4 Shareholder Conference Call on Jan 30, 2014 5:30 PM EST at:

https://attendee.gotowebinar.com/register/6984839286436346370

After registering, you will receive a confirmation email containing information about joining the webinar.

About RenuEn Corporation

RenuEn Corporation is a Renewable Energy Development, Engineering, Procurement and Construction (EPC) Company. The company focuses on Renewable Power projects and the development of solar, geothermal and other renewable energy strategies installing energy saving products and services for residential and commercial clients.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to expected growth, future business or financial results or transactions) and other factors discussed from time to time in the Company's filings with the OTC Markets. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.