Over the last few years, Evergreen has been struggling to convert itself from a coal-mining business to green technology. It has shaken up its management and sold off mining assets, while developing products such as GreenCert, its software system that helps agriculture businesses and utilities to monitor their carbon dioxide emissions, and K-Fuel, a technology to reduce pollutants from low-grade coal."We have achieved some significant accomplishments, but we still have many hurdles to overcome," Stoner, who joined the company in June 2009, said in remarks to shareholders. Copyright 2010 American City Business Journals http://denver.bizjournals.com/denver/stories/2010/07/12/daily30.html?ana=thestreet
By Denver Business Journal The stock shot up 53 percent, to 12 cents, on Tuesday, the day of the shareholder vote. In a proxy statement, the Evergreen board proposed the reverse stock split "to help ensure the continued listing of our securities." The statement also noted that the 2007 sale of $95 million in notes require the company to repurchase the notes if its stock is delisted. Despite the reverse stock split, which will greatly reduce the number of outstanding shares, Evergreen still will be authorized to issue up to 280 million shares of stock. The reverse stock split "is not part of a broader plan to take the company private," the proxy statement says. Evergreen shareholders also elected several board members Tuesday, including CEO Thomas Stoner Jr. as well as Guido Bartels, William Gibson, Manuel Johnson, Robert Kaplan, Richard Perl and Chester Winter.