|By Marketwired .||
|January 30, 2014 04:20 PM EST||
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:
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.
Contact and Inquiries for Investor Relations:
Paramount Advisors, LLC
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 18, 2017 01:00 PM EST Reads: 5,091
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 18, 2017 01:00 PM EST Reads: 3,453
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Jan. 18, 2017 01:00 PM EST Reads: 4,405
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 18, 2017 01:00 PM EST Reads: 5,584
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 18, 2017 12:30 PM EST Reads: 6,294
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 18, 2017 12:30 PM EST Reads: 2,483
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 18, 2017 12:15 PM EST Reads: 1,501
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 18, 2017 12:00 PM EST Reads: 4,219
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 18, 2017 12:00 PM EST Reads: 5,746
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Jan. 18, 2017 12:00 PM EST Reads: 1,928
The unique combination of Amazon Web Services and Cloud Raxak, a Gartner Cool Vendor in IT Automation, provides a seamless and cost-effective way of securely moving on-premise IT workloads to Amazon Web Services. Any enterprise can now leverage the cloud, manage risk, and maintain continuous security compliance. Forrester's analysis shows that enterprises need automated security to lower security risk and decrease IT operational costs. Through the seamless integration into Amazon Web Services, ...
Jan. 18, 2017 11:45 AM EST Reads: 1,793
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Jan. 18, 2017 11:30 AM EST Reads: 1,124
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 18, 2017 10:30 AM EST Reads: 3,099
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
Jan. 18, 2017 10:00 AM EST Reads: 4,614
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facing...
Jan. 18, 2017 10:00 AM EST Reads: 6,068