LONDON, Oct. 26, 2010 (GLOBE NEWSWIRE) -- Vega Biofuels, Inc. (Pink Sheets:VGPR) announced today it will cancel two billion shares of the Company's common stock, a move that will cut the Company's float in half.
The shares were initially issued as part of a debt conversion by a debt holder of the Company. The debt conversion was cancelled, prompting the canceling of the shares.
Prior to the canceling of the shares, the Company had 4,001,391,374 common shares in its float. After the cancellation of the two billion shares, the Company will have 2,001,391,374 in the float.
The term "float" refers to the number of outstanding free-trading shares owned and available for trading.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.