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NORCROSS, Ga., Oct. 14, 2011 /PRNewswire/ -- VEGA BIOFUELS, INC. (Pink Sheets: VGPR) provides the following Update to Shareholders.
Dear Fellow Shareholders:
In my last Update, I mentioned that we were working to resolve the issue with the Depository Trust Company (DTC) that has caused problems for our shareholders that use Penson and Alpine Securities. I want to thank you for your patience while we've been working to resolve this matter.
We have been in contact with DTC in an effort to have them change our status back to the way it had been since 1986 and allow our stock to be transferred electronically. We have also been in contact with Alpine Securities on behalf of our shareholders and are trying to resolve the issue in a way that protects our shareholders until we can resolve the issue with DTC.
Unfortunately, we have not been able to resolve the issue with DTC. We are optimistic that we will be able to work things out and have the matter resolved, but we have no idea how long that will take.
The fact that the large clearing firms are no longer clearing securities that trade under a penny is not only affecting our shareholders, but it significantly hampers the Company's ability to raise funds necessary to complete our South Georgia project.
In an effort to resolve this issue in a way that will allow us to move forward with our plans and bring share support to our stockholders, the Company's Board of Directors voted to conduct a reverse split of our common stock. As a result, the Company submitted a request to the Financial Industry Regulatory Authority, Inc. (FINRA) for authority to reverse split the Company's common shares 1:200. On October 13, 2011 we received approval from FINRA for the Corporate Action and our common shares will be trading above a penny when the reverse split becomes effective on Monday
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| SOURCE VEGA BIOFUELS, INC. Copyright©2010 PR Newswire. All rights reserved |
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