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GREENSHIFT CORP OTCBB
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GreenShift Releases Third Quarter 2005 Financial Results; Company Posts Net Income and 49% Increase in Net Assets
MOUNT ARLINGTON, N.J.--(BUSINESS WIRE)--Nov. 17, 2005--GreenShift Corporation (OTC Bulletin Board: GSHF) today announced its financial results for the quarter ended September 30, 2005, GreenShift's second quarter as a regulated business development company ("BDC") under the Investment Company Act of 1940.
Selected Results of Operations
GreenShift's net income for the six months ended September 30, 2005, was $1,329,655, or $0.05 per share, including net unrealized appreciation of $567,017, or about $0.02 per share, and an acceleration of unrealized appreciation from periods prior to GreenShift's conversion to a BDC of $717,000, or about $0.03 per share.
Net assets as of September 30, 2005 were about $6,801,000, or $0.28 per share, and were up 49% over the quarter ended June 30, 2005. The following is a summary of selected financial data relating to GreenShift's results of operations for the six months ended September 30, 2005:
Six Months Ended 9/30/05
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Net investment income $ 45,638
Net unrealized appreciation 567,017
Cumulative effect of conversion to BDC 717,000
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Net income $ 1,329,655
Total assets $ 13,226,912
Total debt outstanding 6,425,748
Shareholders' equity 6,801,164
Net asset value per share $ 0.28
Portfolio and Investment Activity
GreenShift's total portfolio at value and investment activity for the six months ended September 30, 2005, were as follows:
Six Months Ended 9/30/05
--------------------------------------------------
Portfolio at value $ 12,748,438
Investments funded 8,128,909
Change in accrued or reinvested interest 133,366
Principal collections related to investment
repayments or sales --
Yield on interest-bearing investments 8.00%
Business Outlook
"This past quarter was our second as a BDC and was a productive one for us as we continued with the consolidation of the foundational assets for our portfolio," said Kevin Kreisler, GreenShift's chairman and chief executive officer. "We completed a series of key investments, we acquired rights to a number of innovative green technologies, we helped our portfolio companies to reduce their various debts, and we initiated operations in two exciting new portfolio companies. We realized net income for our first two quarters of about $1.3 million and our net asset value was up 49% quarter over quarter. We are generally pleased with our progress to date, but there is much left to do."
Kreisler added: "The balance of fiscal 2005 is about enhancing the intrinsic value of our various holdings and continuing to consolidate our targeted foundational assets. In the case of Veridium, GreenWorks and INSEQ, this is going to be about restructuring and refinancing these holdings in ways that streamline each of their respective expenses while catalyzing growth for each company. GreenShift Industrial Design, Tornado Trash, and Mean Green BioFuels are each surgically focused on stimulating immediate term cash flows with their respective technologies, and our expectation is that they will each prove out their capabilities to our consumer markets and the investment community in the near term. We expect Ovation Products to continue to execute as disclosed as it brings its remarkable new water purifier to market, and Sterling Planet and TerraPass to continue with their impressive growth rates selling renewable energy credits and other green tags.
Finally, we expect to complete a series of technology acquisitions and investments yet this quarter in companies with innovative and commercially viable technologies in industrial fuel cells, air and water emissions control, and electronics recycling. In all, we expect continued positive results in the fourth quarter 2005 and I am personally very excited by the path forward."
Conversion to Investment Company Accounting
The Company's results of operations for 2005 were divided into two periods. The period from April 1, 2005 through September 30, 2005 reflects the Company's results of operations after filing its election to be regulated as a BDC. Accounting principles used in the preparation of the financial statements beginning April 1, 2005 are different from those used for prior periods and, therefore, the financial position and results of operations for prior periods is not directly comparable, and are presented separately in the Company's Form 10QSB for the third quarter ended September 30, 2005. The primary differences in accounting principles from prior periods relate to the carrying value of investments.
Additional Information
Please refer to the financial statements included in the Company's Form 10QSB for the third quarter ended September 30, 2005, for a more complete description of the Company's results of operations, and a complete description of the Company's results of operations from prior to the Company's initiation of operations as a BDC for the first quarter ended March 31, 2005.
Mr. Kreisler will conduct an interview with the online financial portal CEOcast, Inc. where he will discuss these results in greater detail on Tuesday, November 22nd. The interview will be available after 9 am eastern time that day at www.ceocast.com.
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. GreenShift's current portfolio includes investments in the following environmentally proactive companies:
-- Veridium Corporation (OTC Bulletin Board: VRDM);
-- INSEQ Corporation (OTC Bulletin Board: INSQ);
-- GreenWorks Corporation;
-- GreenShift Industrial Design Corporation;
-- Ovation Products Corporation;
-- Tornado Trash Corporation;
-- Mean Green BioFuels Corporation;
-- Ethanol Oil Recovery Systems, LLC;
-- Sterling Planet, Inc.;
-- TerraPass, Inc.;
-- Coriolis Energy Corporation;
-- Hugo International Telecom, Inc.
-- TDS (Telemedicine), Inc.;
Additional information regarding GreenShift Corporation is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
CONTACT: GreenShift Corporation
Jim Grainer, 973-398-8183
Fax: 973-398-8037
investorrelations@greenshift.comwww.greenshift.com
SOURCE: GreenShift Corporation
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