November 30, 2009 (FinancialWire) Evolution Fuels, Inc. (OTC: EVFN) managements plans to uplist to the OTCQX in conjunction with a series of strategic initiatives to increase liquidity of common stock and reward existing shareholders.
The company will be executing a dividend of common stock of Evolution Resources, Inc. (OTCBB: EVLN) (Evolution Resources or EVLN), a public company of which Evolution Fuels owns common shares, in addition to a 1-1 common stock dividend of Evolution Fuels to the companys shareholders. These dividends are being announced in conjunction with a 1-for-600 reverse split of the companys common stock effective as of Friday, November 27, 2009.
In relation to the reverse stock split, Evolution Fuels trading symbol has been changed from (OTC: EVFL) to (OTC: EVFN) and its common stock trades under a new CUSIP No., 30049F205.
Any shareholders of the company owning more than 1,000 shares post reverse stock split of Evolution Fuels common stock as of the record date of January 8, 2010 shall receive a proportionate share of the total two million shares of EVLN common stock distributed. The current market price of EVLN common stock is $4.00. These dividend shares will be restricted as defined in the Securities Act of 1933. Rule 144 allows for the public resale of restricted securities only if certain holding period and other conditions are satisfied. For non-affiliates of the EVLN, the holding period is six months.
Evolution Resources is an advanced biofuels production company focused on combining the latest in cellulosic process technologies with existing biomass assets for the production of cellulosic ethanol. Evolution Fuels will distribute 100% its ownership of Evolution Resources common stock pursuant to the dividend.
The additional dividend of Evolution Fuels common stock will be performed on a simple 1-1 basis, whereby any shareholders owning at least one share of Evolution Fuels common stock as of the record date of February 23, 2010 shall receive an equivalent number of newly issued shares. These dividend shares will be restricted as defined in the Securities Act of 1933. Rule 144 allows for the public resale of restricted securities only if certain holding period and other conditions are satisfied. For non-affiliates of the company, the holding period is six months.
The higher price per share needed to achieve Evolution Resources goal of obtaining a listing on the OTCQX marketplace will also benefit many shareholders and potential shareholders who have experienced limitations on the ability to purchase stocks that trade under one penny.
Evolution Resources, Inc. is a renewable energy company focused on the production of cellulosic ethanol for transportation fuels. Presently, the company is perusing certain proposed projects that will leverage existing distressed assets and infrastructure in the State of Washington, as well as the Mississippi and Louisiana Delta region.
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Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279). The most recently issued reports and/or recorded webcasts include Bellway PLC (London Stock Exchange: BWY) (OTC: BLWYF), British Assets Trust PLC (London Stock Exchange: BSET), Sopra Group (Paris Stock Exchange: SOPR) (OTC: SRAQF), Universal Display Corp. (NASDAQ: PANL), Charteris PLC (Berlin Stock Exchange: EQH), British Empire Securities & General Trust PLC (London Stock Exchange: BTEM), Eaton Vance Enhanced Equity Income Fund (NYSE: EOY), Denbury Resources, Inc. (NYSE: DNR), D.R. Horton, Inc. (NYSE: DHI) and Analogic Corp. (NASDAQ: ALOG).
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