|By Marketwired .||
|August 23, 2013 07:00 AM EDT||
QUITO, ECUADOR -- (Marketwired) -- 08/23/13 -- BluForest Inc. (OTCBB: BLUF) (OTCQB: BLUF), and its CEO, Charles Miller, have been named as defendants in a lawsuit filed by Mr. George A. Sharp in Superior Court of the State of California. In this Civil Action, Mr. Sharp alleges that BluForest, previously known as Greenwood Gold Resources Inc. (OTCBB: GGRI) deliberately issued false and misleading press releases regarding an acquisition of a Summer Mining Property from Candorado Operating Company, Ltd., thereby deliberately deceiving him and defrauding the public. Mr. Sharp recently announced his addition of BluForest Inc. independent consultant Jim Can as a defendant to this lawsuit.
BluForest Inc., Mr. Miller, and Mr. Can maintain that Mr. Sharp's numerous allegations are entirely baseless and without merit. Each party will move to dismiss this action and undertake any other defenses vigorously, including request for removal to Federal Court given the multi-state and federal jurisdictional aspects of the allegations. Mr. Sharp also does not have individual standing to bring this action as an alleged former shareholder of GGRI; any such action may only be maintained by a duly certified class of shareholders in a derivative action in the state of domicile of BluForest, Inc., which is Nevada, and of the state or country of residence of each individual defendant.
About BluForest Inc. BluForest Inc. is a development stage company that is a publically traded carbon offsets marketing and renewable energy company. BLUF is executing its strategy to become a leading marketer of carbon offsets in the voluntary markets under the UN principle of Reducing Emissions from Deforestation and forest Degradation (REDD+). The BluForest website provides further information about the company which prospective investors are encouraged to visit.
Safe Harbor Act Notice: Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
On behalf of the Board of BluForest Inc.