Copyright 2004-2008 U.S. Microbics Inc.
BUGS Announces Reorganization, Recapitalization, Name Change
Company using its Core Competencies to Favorably Impact the Environment
CARLSBAD, Calif.--(BUSINESS WIRE)--Feb. 8, 2008--U.S. Microbics (OTCBB: BUGSE - News), a business enhancement firm for companies with products, services and initiatives that favorably impact the environment, announced that it is reorganizing its corporate structure, announcing a recapitalization, and a new name for future business operations. All changes are scheduled to be completed in the next ninety days and shareholders will receive notices effecting the changes, but are not required to vote on the changes.
The Board of Directors of U.S. Microbics, Inc has determined that it is in the best interests of the company to change the state of incorporation from Colorado to Nevada. The reincorporation will be effected pursuant to a merger agreement with Green Mountain Holding Corporation, a wholly owned subsidiary of U.S. Microbics, Inc. Upon the effectiveness of the reincorporation, U.S. Microbics, Inc. will cease to exist and Green Mountain Holding Corporation will continue to operate the company’s business.
Upon the effectiveness of the reincorporation, for every 1,000 shares of U.S. Microbics, Inc. common stock held, a shareholder will be entitled to 1 share of Green Mountain Holding Corporation, (GMHC) common stock. Immediately following the reincorporation, GMHC will consummate a 10 for 1 forward stock split of its common stock. A shareholder record date for the reverse/forward stock split will be announced in the near future.
Based upon the information available to the company, the number of shareholders of record of the company’s common stock will be reduced to fewer than 500 as a result of the reincorporation stock exchange and forward split, and the company intends to file a Form 15 with the Securities and Exchange Commission (SEC) in order to terminate the registration of its common stock under the Exchange Act. Upon the filing of the Form 15 and a ninety day waiting period, the Company will no longer be required to file periodic reports with the SEC, including annual reports on Form 10K and quarterly reports on Form 10Q and will no longer be subject to the SEC’s proxy rules. GMHC’s common stock will become listed on the pink sheets under a new trading symbol and GMHC will provide reports as to its financial condition and results of operations may be accessed at www.pinksheets.com.
In conjunction with these changes, the company has established Green Mountain Capital Group, Inc., (GMGC), a wholly owned subsidiary, whose mission is to be the number one provider of creative growth strategies for client companies who provide products and services that favorably impact the environment. A product and service profile is available at www.greenmountaincapitalgroup.com. Current clients of USM Capital Group, Inc. will be serviced by GMCG staff.
Robert Brehm, CEO, commented, “The changes announced today focus our core competencies together into two environmental sectors, namely environmental technology and environmental capital formation and management. There is tremendous growth potential in both of these sectors as a result of the Green Awakening movement and we are generating revenue in each one today. We have invested heavily in technology and environmental business development over the past 10 years and now our investment is about to pay off because we are uniquely positioned to offer our services, skills, and experience with a seasoned financial network and knowledge base that other companies simply don’t have. Our time is now, our people are ready and our client base is expanding as we provide creative solutions to companies with products, services or initiatives that favorably impact the environment.”
About U.S. Microbics Inc.
U.S. Microbics is a business enhancement company that develops creative growth strategies for client companies providing eco-friendly products and services that favorably impact the environment.
For more information on the company, contact Robert Brehm at 760-918-1860 x102 or visit the website at www.greenmountaincapitalgroup.com.
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words ``estimate,'' ``anticipate,'' ``believe,'' ``expect,'' or similar expressions that involve risks and uncertainties. These risks and uncertainties include the Company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The Company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the ``Risk Factors,'' ``Management's Discussion and Analysis or Plan of Operation'' and other sections of the Company's Form 10-KSB and other publicly available information regarding the Company on file with the Securities and Exchange Commission. The Company will provide you with copies of this information upon request.
Contact:U.S. Microbics Inc.
Robert Brehm, 760-918-1860 x102
Source: U.S. Microbics Inc.