New NRG, Inc. Announces the Extension of Its Outstanding Warrants
Bellingham (PRWEB) November 15, 2007
New NRG, Inc. (OTC: NNRG http://www.newnrg.net) announces a one year extension of its outstanding warrants.
The Board of Directors of New NRG, Inc. has voted to extend the expiration date of its existing warrants issued as part of the company’s private placement units offering. The previous expiration date of the warrants was June 30th, 2009. The new expiration date of the warrants is now June 30th, 2010.
The Board of Directors felt that the extension of the warrants would provide the warrant holders with a better opportunity to benefit from the potential upside appreciation of the company’s common stock once the company’s planned facility in eastern Washington became operational. The original warrant deadline was scheduled to coincide with the startup date of the facility at the Burbank, WA site. Due to market conditions the shareholders would benefit from an extended vesting period for those warrants.
Additionally the company is pleased to announce the filing of its 2006 form 10-K with the Securities Exchange Commission. This is the 1st step towards the company’s goal of reentering its fully reporting status and possibility of upgrading the listing status of its shares from the Pink Sheets to the OTC Bulletin Board. Upon the filing of the company’s upcoming third quarter 10-Q the company intends to initiate the process of upgrading the listing of its shares to the OTC Bulletin Board.
About New NRG:
New NRG, Inc., is a renewable fuels company that is focused on the production of Biodiesel, a biodegradable and non-toxic, clean fuel that has significantly fewer emissions than petroleum-based diesel when burned. In addition to being used in diesel engines, biodiesel can also be used as a heating fuel in domestic and commercial boilers. The company is currently in the process of establishing a 100 million gallon per year biodiesel refinery in Walla Walla, Washington.
Management believes certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company’s control, including changes in global economic conditions that may, among other things, affect the performance of the company’s anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses.
Erik S. Nelson, President
New NRG, Inc.
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