SYS-CON MEDIA Authors: Elizabeth White, PagerDuty Blog, Michael Jannery, Pat Romanski, Liz McMillan

News Feed Item

RenuEn Corp Announces 1:50 Reverse Stock Split

CEO Outlines Reverse Stock Split and Fifty Percent Reduction of Company's Authorized Shares

JUPITER, FL -- (Marketwired) -- 01/30/14 -- RenuEn Corporation (OTC Pink: RENU) a renewable energy development and energy procurement and construction Company, announced today that its board of directors and majority stockholders approved and submitted the requisite paperwork to FINRA to effectuate a 1-for-50 reverse stock split. In light of the Company's expected growth, the reverse stock split is intended to enable the company to enter into agreements in the future, as well as acquisitions, financing or recapitalization transactions to position itself for its anticipated growth. Additionally, the company entered into an employment agreement with J. Charles Nemes to secure his services as our Chief Executive Officer. The company believes that Mr. Nemes is vital and his efforts and judgment are expected to contribute to the company's growth and success. The equity compensation component of Mr. Nemes' employment agreement is intended to assist in further aligning his interests to those of the company's other shareholders. This equity component and the vesting periods will be disclosed in the 2014 Q1 quarterly filings.

Jeff Nemes, RenuEn CEO commented, "As previously announced, I have a strong desire to position the company for future growth as our new management team seeks to implement its sales and marketing plans. Since taking over as CEO and the hiring of Laura Anthony, Esq. of Legal & Compliance, we have made a determination that immediate action was needed to restructure our capitalization to create the availability of additional common and preferred stock for future transactions. I believe this recapitalization plan will put this company on a path to fiscal stability and a solid financial foundation." Nemes added, "Because we have decided to pursue a more conservative approach to growth by pursuing revenue generating activities while reducing costs, it is my opinion that our renewed focus on sales and revenue, coupled with my continued mandate of fiscal responsibility, will position RenuEn for sustainable, long term growth in the renewable energy field."

When the reverse stock split becomes effective, every fifty shares of our common stock outstanding will automatically combine into one new share of common stock with no change in par value per share. This will reduce the number of shares of common stock outstanding from approximately 700 million to approximately 14 million. The Company's authorized number of shares of common stock will be reduced from 1 billion shares to 500 million shares. The company has also authorized 20 million shares of preferred stock that will be reserved for issuance in possible future transactions. None of the preferred shares are being issued at this time as a result of this recapitalization. The reverse stock split will affect all issued and outstanding shares of the company's common stock, as well as common stock underlying stock options and warrants outstanding immediately prior to the effectiveness of the reverse stock split. In connection with the reverse stock split, the CUSIP number for the common stock will change and be reported upon final FINRA approval.

Except for adjustments that may result from the treatment of fractional shares, which will be rounded up to the nearest whole number on a certificate-by-certificate basis, each stockholder will beneficially hold the same dollar value of common stock immediately following the reverse stock split as they held immediately prior to the reverse stock split.

Stockholders holding certificated shares or shares through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split as of its effective date. Although the issuance of new stock certificates will not be required, stockholders may obtain a new certificate from the company's transfer agent, Island Stock Transfer.

Nemes ended by stating, "I will be discussing this reverse split and the business strategy behind it on tonight's shareholder conference call scheduled for 5:30 e.s.t."

To participate in tonight's call:

Please register for RenuEn Corp 2013 Q4 Shareholder Conference Call on Jan 30, 2014 5:30 PM EST at:

https://attendee.gotowebinar.com/register/6984839286436346370

After registering, you will receive a confirmation email containing information about joining the webinar.

About RenuEn Corporation

RenuEn Corporation is a Renewable Energy Development, Engineering, Procurement and Construction (EPC) Company. The company focuses on Renewable Power projects and the development of solar, geothermal and other renewable energy strategies installing energy saving products and services for residential and commercial clients.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to expected growth, future business or financial results or transactions) and other factors discussed from time to time in the Company's filings with the OTC Markets. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
Entuity®, a provider of enterprise-class network management solutions, today announced that it solidifies its position as a market leader through global enterprise customer acquisitions and a refined channel strategy. In 2014, Entuity increased new license revenues in EMEA by over 75 percent, and LATAM by over 125 percent as customers embraced Entuity for its highly automated solution and unified architecture. Entuity’s refined channel strategy focuses on even deeper strategic alignment with ke...
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
In this demo at 15th Cloud Expo, John Meza, Product Engineer at Esri, showed how Esri products hook into Hadoop cluster to allow you to do spatial analysis on the spatial data within your cluster, and he demonstrated rendering from a data center with ArcGIS Pro, a new product that has a brand new rendering engine.
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
“We are strong believers in the DevOps movement and our staff has been doing DevOps for large enterprise environments for a number of years. The solution that we build is intended to allow DevOps teams to do security at the speed of DevOps," explained Justin Lundy, Founder & CTO of Evident.io, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...