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Follow on Google News | New Energy And Oil Production Technology Company Announces 350 Million Common Stock Shares ReturnedIn new energy and oil production technology news, Global Nutech, Inc. (BOCL) announces the return of ~ 350 million shares of common stock to be return to the company treasury and a major strategic restructuring.
By: Global Nutech, Inc. The total number of common shares of the Company outstanding as of April 15, 2011 was approximately 515 million. The affected JVs that are now considered non-core assets represent approximately 350 million shares of the total outstanding common stock base. E. G. Marchi, President of Global NuTech, Inc., stated, "Upon completion of the spinoff or rescission of these joint ventures, we will have over seventy percent less common stock outstanding, thus providing a major benefit to our common shareholders.” “The Company has already received verbal agreements from the affected JVs, and will be announcing the closure of each specific transaction shortly as it occurs.” “We believe that our new, narrower focus in the Technology and Energy sectors will create greater margins and accelerated revenue opportunities for Global NuTech and its shareholders." On April 5, 2011 Global NuTech announced that their energy technology subsidiary signed a letter of intent for a joint venture involving 25 Texas oil wells. See this news at: http://www.globalnutechinc.com/ About Global Nutech, Inc. Global Nutech’s wholly owned subsidiary, NuTech Energy, Inc. engages in operations to maximize oil production in marginal wells as well as drilling shallow wells in known production areas with a low risk of a dry well. The Company also provides marketing and distribution for a variety of commercial and consumer products including: * The Agrigenic Food Company's Biotec Foods® (http://www.biotecfoods.com) * Biomed Foods® (http://www.biomedfoods.com) and * Biovet International® Notice Regarding Forward-Looking Statements: This news release contains "forward-looking statements," End
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