MIAMI, March 6, 2013 /PRNewswire/ -- Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company") is pleased to provide this update clarifying the previously announced stock dividend to shareholders.
As previously announced February 19, 2013, the Company has initiated, subject to FINRA approval, an issuance of a 24% dividend (the "Stock Dividend") to all common stock shareholders of record as at February 19, 2013 (the "Record Date"). The Stock Dividend will consist of 0.24 new common shares of the Company for each one (1) common share held by shareholders as of the Record Date. Fractional entitlements will be rounded up to the nearest whole number. Stock Dividend shares will be subject to all resale, hold, and control restrictions of Rule 144.
"We have been working with FINRA and our transfer agent to prepare for approval and distribution of the Stock Dividend to our shareholders," stated Mr. Bruce Harmon, Chief Executive Officer of Green Innovations. "Now that several of the last outstanding details concerning the Stock Dividend plan have been clarified with regulators, we anticipate receiving final approval from FINRA and a confirmed payable date in the very near future."
Additional information regarding payment specifics of the Stock Dividend will be made in a subsequent press release by the Company.About Green Innovations Ltd. Green Innovations Ltd., through its wholly-owned subsidiary Green Hygienics, Inc., is the exclusive licensed North American distributor of American Hygienics Corporation's 100% tree-free bamboo-based product line, including personal care and paper-based goods. The Company provides consumers the opportunity to enjoy high-quality and performance eco-friendly goods from dedicated experts that have been producing bamboo products for over a decade, along with the cost-benefit of local raw material manufacturing, and the satisfaction of knowing that by using these products they are doing their part to reduce their carbon footprint and to continue the movement towards a more healthy and sustainable planet.