great-name
عضو نشط
MOUNT ARLINGTON, N.J., June 14, 2005 /PRNewswire-FirstCall via COMTEX/ --GreenShift Corporation (OTC Bulletin Board: GSHF) today announced that its portfolio company, GreenWorks Engineering Corporation, a private environmental engineering services company, expects to file a registration statement in the third quarter of this year with the Securities and Exchange Commission relating to a proposed initial public offering (IPO) of its common stock. The IPO is expected to include a dividend of GreenWorks shares to GreenShift's shareholders.
"We continue to target and evaluate specific engineering and consulting services firms for possible acquisition," said Irving Cohen, CEP, Chief Executive Officer and President of GreenWorks Engineering. "We look forward to completing our IPO and realizing our goal to build a national engineering services company that specializes in bringing our clients cost-effective and environmentally sound solutions."
"With annual sales increasing to approximately $4 million and with a projected backlog of approximately $1.5 million, we have enhanced our profitability and have made incremental improvements to our balance sheet. While our receivables and days sales outstanding have also improved, we continue to have issues with liquidity, which we plan to resolve through increased profitability, equity and debt financings, as well as acquisitions," added Cohen.
Kevin Kreisler, chairman and chief executive officer of GreenShift, said, "GreenWorks Engineering represents a good turnaround story. The company was financially distressed a year ago before GreenShift acquired its initial stake. Since that time, GreenWorks' losses have been eliminated, its pre-tax margins have increased to approximately 10% of sales, and it continues to achieve organic top-line growth. And, importantly, they did all of the hard work themselves -- we only instilled some basic business discipline. We believe that GreenWorks Engineering is now ready to drive future performance through acquisitions and we are prepared to support them in that process."
"GreenShift's own ambition is to develop and support companies that contribute to the resolution of compelling environmental challenges and are profitable by doing so," added Kreisler. "GreenWorks Engineering provides a valuable array of services that help clean environmentally impaired properties and they produce good margins. We believe that GreenWorks Engineering is capable of eventually contributing substantially to the value of our portfolio and our intention is to enhance our own intrinsic value by assisting GreenWorks Engineering in its completion of strategic acquisitions that increase its book value and are accretive to its earnings."
"We continue to target and evaluate specific engineering and consulting services firms for possible acquisition," said Irving Cohen, CEP, Chief Executive Officer and President of GreenWorks Engineering. "We look forward to completing our IPO and realizing our goal to build a national engineering services company that specializes in bringing our clients cost-effective and environmentally sound solutions."
"With annual sales increasing to approximately $4 million and with a projected backlog of approximately $1.5 million, we have enhanced our profitability and have made incremental improvements to our balance sheet. While our receivables and days sales outstanding have also improved, we continue to have issues with liquidity, which we plan to resolve through increased profitability, equity and debt financings, as well as acquisitions," added Cohen.
Kevin Kreisler, chairman and chief executive officer of GreenShift, said, "GreenWorks Engineering represents a good turnaround story. The company was financially distressed a year ago before GreenShift acquired its initial stake. Since that time, GreenWorks' losses have been eliminated, its pre-tax margins have increased to approximately 10% of sales, and it continues to achieve organic top-line growth. And, importantly, they did all of the hard work themselves -- we only instilled some basic business discipline. We believe that GreenWorks Engineering is now ready to drive future performance through acquisitions and we are prepared to support them in that process."
"GreenShift's own ambition is to develop and support companies that contribute to the resolution of compelling environmental challenges and are profitable by doing so," added Kreisler. "GreenWorks Engineering provides a valuable array of services that help clean environmentally impaired properties and they produce good margins. We believe that GreenWorks Engineering is capable of eventually contributing substantially to the value of our portfolio and our intention is to enhance our own intrinsic value by assisting GreenWorks Engineering in its completion of strategic acquisitions that increase its book value and are accretive to its earnings."
