MIAMI, Feb. 19, 2013 /PRNewswire/ -- Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company") is pleased to announce that it has successfully repaid four (4) Convertible Promissory Notes (the "Notes") issued to Kachess Financial Corporation ("Kachess") for a total amount of $51,967 ( $49,300 plus accrued interest of $2,667). The Kachess Notes had originally been issued by Green Hygienics, Inc. ("Green Hygienics"), now a wholly-owned subsidiary of the Company, prior to its acquisition by Green Innovations in September 2012.
"These convertible note financings were an important source of early stage private funding for Green Hygienics," stated Mr. Bruce Harmon, Chief Executive Officer of Green Innovations. "Now we are extremely happy to have retired the debt in full and ahead of schedule with cash only and without any dilution from the potential 5.2 million shares previously associated with the Notes."
In addition, the Company is pleased to announce that it has initiated, subject to FINRA approval, an issuance of a 24% dividend to all common stock shareholders (the "Stock Dividend"). The Stock Dividend will consist of 24 new common shares of the Company for every 100 common shares held by shareholders as of February 19, 2013, the record date. Stock Dividend shares issued to shareholders owning 10% or more of the issued and outstanding common shares of the Company, as well as Company management, will be subject to all resale, hold, and control restrictions of Rule 144. The payment details for the Stock Dividend are subject to change as per FINRA review and approval.
"Green Hygienics' expanding product lineup has been very well received by retailers, distributors, and consumers and we continue to display better than originally expected growth potential," continued Harmon. "With this in mind, we are confident that a stock dividend is an ideal way to unlock the full benefit of repaying the convertible notes without dilution and to reward our shareholders for their continued support."
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