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GreenShift Releases Second Quarter 2005 Financial Results
Thursday August 18, 10:03 am ET
Company Posts Net Income for Its First Quarter as a Business Development Company
MOUNT ARLINGTON, N.J., Aug. 18 /PRNewswire-FirstCall/ -- GreenShift Corporation (OTC Bulletin Board: GSHF - News) today announced its financial results for the quarter ended June 30, 2005, GreenShift's first quarter as a regulated business development company ("BDC") under the Investment Company Act of 1940.
Selected Results of Operations
GreenShift's net income for the three months ended June 30, 2005, was $1,003,100, or $0.046 per share, including net investment income of $180,696, or about $0.008 per share, net unrealized appreciation of about $105,382, or about $0.005 per share, and unrealized appreciation from prior periods of $717,000, or about $0.033 per share. The following is a summary of selected financial data relating to GreenShift's results of operations for the three months ended June 30, 2005:
Three Months Ended 6/30/05
Net investment income $ 180,696
Net unrealized appreciation 105,382
Cumulative effect of conversion to BDC 717,000
Net income $ 1,003,078
Total assets $ 9,677,084
Total debt outstanding 4,679,892
Shareholders' equity 4,574,034
Net asset value per share $ 0.21
Portfolio and Investment Activity
GreenShift's total portfolio at value and investment activity for the three months ended June 30, 2005, were as follows:
Three Months Ended 6/30/05
Portfolio at value $ 9,213,723
Investments funded 174,761
Change in accrued or reinvested
interest and dividends 350,000
Principal collections related to investment
repayments or sales --
Yield on interest-bearing investments --
Business Outlook
"This past quarter was our first as a BDC and I believe that it was a successful one," said Kevin Kreisler, GreenShift's chairman and chief executive officer. "We assisted our portfolio companies in their completion of acquisitions, refinancing of debt, and the implementation of improved business practices which lead to enhanced operating efficiencies. We also completed the first of our planned series of key investments based on our profitability and environmental impact goals.
Kreisler added: "We have a number of initiatives underway right now that are extremely exciting to me and that we expect will significantly increase our net asset value and produce realized gains from which we hope to pay out our first dividend at year end."
Conversion to Investment Company Accounting
The Company's results of operations for 2005 were divided into two periods. The period from April 1, 2005 through June 30, 2005 reflects the Company's results of operations after filing its election to be regulated as a BDC. Accounting principles used in the preparation of the financial statements beginning April 1, 2005 are different from those used for prior periods and, therefore, the financial position and results of operations for prior periods is not directly comparable, and are presented separately in the Company's Form 10QSB for the second quarter ended June 30, 2005, which will be filed later today. The primary differences in accounting principles from prior periods relate to the carrying value of investments.
Additional Information
Please refer to the financial statements included in the Company's Form 10QSB for the second quarter ended June 30, 2005, which will be filed later today, for a more complete description of the Company's results of operations, and a complete description of the Company's results of operations from prior to the Company's initiation of operations as a BDC for the first quarter ended March 31, 2005.
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. GreenShift's current portfolio includes investments in the following environmentally proactive companies:
* Veridium Corporation;
* INSEQ Corporation;
* GreenWorks Corporation;
* GreenShift Industrial Design Corporation;
* Coriolis Energy Corporation;
* TDS (Telemedicine), Inc.;
* Ethanol Oil Recovery Systems, Inc.;
* Sterling Planet, Inc.; and,
* Ovation Products Corporation.
In addition, GreenShift hopes to add investments in wind power, hydropower, practical centralized applications of hydrogen power, alternative fuels, infrastructure and mining to its portfolio during 2005 and 2006.
Additional information regarding GreenShift Corporation 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.
Thursday August 18, 10:03 am ET
Company Posts Net Income for Its First Quarter as a Business Development Company
MOUNT ARLINGTON, N.J., Aug. 18 /PRNewswire-FirstCall/ -- GreenShift Corporation (OTC Bulletin Board: GSHF - News) today announced its financial results for the quarter ended June 30, 2005, GreenShift's first quarter as a regulated business development company ("BDC") under the Investment Company Act of 1940.
Selected Results of Operations
GreenShift's net income for the three months ended June 30, 2005, was $1,003,100, or $0.046 per share, including net investment income of $180,696, or about $0.008 per share, net unrealized appreciation of about $105,382, or about $0.005 per share, and unrealized appreciation from prior periods of $717,000, or about $0.033 per share. The following is a summary of selected financial data relating to GreenShift's results of operations for the three months ended June 30, 2005:
Three Months Ended 6/30/05
Net investment income $ 180,696
Net unrealized appreciation 105,382
Cumulative effect of conversion to BDC 717,000
Net income $ 1,003,078
Total assets $ 9,677,084
Total debt outstanding 4,679,892
Shareholders' equity 4,574,034
Net asset value per share $ 0.21
Portfolio and Investment Activity
GreenShift's total portfolio at value and investment activity for the three months ended June 30, 2005, were as follows:
Three Months Ended 6/30/05
Portfolio at value $ 9,213,723
Investments funded 174,761
Change in accrued or reinvested
interest and dividends 350,000
Principal collections related to investment
repayments or sales --
Yield on interest-bearing investments --
Business Outlook
"This past quarter was our first as a BDC and I believe that it was a successful one," said Kevin Kreisler, GreenShift's chairman and chief executive officer. "We assisted our portfolio companies in their completion of acquisitions, refinancing of debt, and the implementation of improved business practices which lead to enhanced operating efficiencies. We also completed the first of our planned series of key investments based on our profitability and environmental impact goals.
Kreisler added: "We have a number of initiatives underway right now that are extremely exciting to me and that we expect will significantly increase our net asset value and produce realized gains from which we hope to pay out our first dividend at year end."
Conversion to Investment Company Accounting
The Company's results of operations for 2005 were divided into two periods. The period from April 1, 2005 through June 30, 2005 reflects the Company's results of operations after filing its election to be regulated as a BDC. Accounting principles used in the preparation of the financial statements beginning April 1, 2005 are different from those used for prior periods and, therefore, the financial position and results of operations for prior periods is not directly comparable, and are presented separately in the Company's Form 10QSB for the second quarter ended June 30, 2005, which will be filed later today. The primary differences in accounting principles from prior periods relate to the carrying value of investments.
Additional Information
Please refer to the financial statements included in the Company's Form 10QSB for the second quarter ended June 30, 2005, which will be filed later today, for a more complete description of the Company's results of operations, and a complete description of the Company's results of operations from prior to the Company's initiation of operations as a BDC for the first quarter ended March 31, 2005.
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. GreenShift's current portfolio includes investments in the following environmentally proactive companies:
* Veridium Corporation;
* INSEQ Corporation;
* GreenWorks Corporation;
* GreenShift Industrial Design Corporation;
* Coriolis Energy Corporation;
* TDS (Telemedicine), Inc.;
* Ethanol Oil Recovery Systems, Inc.;
* Sterling Planet, Inc.; and,
* Ovation Products Corporation.
In addition, GreenShift hopes to add investments in wind power, hydropower, practical centralized applications of hydrogen power, alternative fuels, infrastructure and mining to its portfolio during 2005 and 2006.
Additional information regarding GreenShift Corporation 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.