GOLDENDALE, Wash., Nov. 14, 2019 (GLOBE NEWSWIRE) -- Auscrete Corporation (OTC: ASCK) (the “Company”) recently announced that it was performing a one for two hundred reverse stock split. This move was approved at a Company meeting recently. Company CEO, John Sprovieri, stated that, “Past problems for ASCK stemmed from using a convertible note for capital reflects the difficulty of obtaining investment financing when needed. ASCK has had to use backup funding from these sources and, as happened in the past, note holders ran rampant creating significant increases in the Company’s issued stock. Fortunately, the notes are now all but completely exhausted”
The adjustment only affects the number of shares per shareholder, while the equity per shareholder remains the same. It will make for a quicker move back to the OTC.QB thereby opening the Company’s market to a much larger audience. This is in keeping the Company’s mission of utilizing any and all opportunity that presents itself to enhance shareholder values for both near and long-term holders.
The stock symbol, for the next 20 business days will carry the letter “D”, as in ASCKD. After that, the “D” will drop off and the ASCK symbol returns.
The Board of Directors are looking past the split with optimism with of forecasts to be disclosed soon. Auscrete recently delivered the building panels for a 1520 sq. ft house locally using the former manufacturing equipment while waiting for their new equipment to arrive.
The new equipment, much of which is manufactured for ASCK in China, has one container load on the dock in Portland now and two more containers are aboard ships approaching the Port. It is expected all the equipment will arrive at ASCK’s factory during the next two weeks.
John Sprovieri traveled through Northern California to the San Francisco Bay area in mid-October to visit with contractors and people who are affected by the devastating Californian wildfires. In particular, he visited the areas surrounding the City of Paradise where the whole city was burnt to the ground. He spoke to the Mayor and City Manager to explore ways Auscrete could address rebuilding and he reviewed where literally thousands of homes were lost.
Contractors have previously shown considerable interest in constructing ASCK’s site built very affordable homes because of their strong concrete construction that won’t burn due to the development of the Company’s specialized building materials and have the ability to be constructed on site in less than a week. Auscrete plans to formalize delivery of these orders in the coming two months as soon as they have completed installation of their new manufacturing plant and can deliver the construction materials.
SAFE HARBOR
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by their use of forward-looking terminology such as “may,” “expect,” “intend,” “estimate,” “anticipate,” “believe” and “continue” (or the negative forms thereof) or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results or those implied by such forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results may differ materially from those contemplated by such forward-looking statements. Auscrete Corporation assumes no obligation and has no intention of updating these forward-looking statements, and it has no obligation to update or correct information prepared by third parties that is not paid for by Auscrete Corporation. Investors are encouraged to review Auscrete Corporation’s public filings on SEC.gov and otcmarkets.com, including its unaudited and audited financial statements and its OTC markets filings, which contain general business information about the company’s operations, results of operations and risks associated with the company and its operations.
CONTACT: For more information,
please contact:
Investor Relations
Lee@auscretehomes.com
305-853-8404
www.auscretehomes.com