HOUSTON, Oct. 27, 2023 /PRNewswire/ -- Global Clean Energy, Inc. (OTC PINK: GCEI) is a developer of Green Technology projects that will provide clean energy in various forms without negative carbon emissions or footprints.
The GCEI Management Team and Board of Directors are preparing to enter the company's operational phase. Prior to the transition from an emerging company to one entering its growth phase, a number of debt restructuring transactions have been negotiated and approved by all parties involved. Those are as follows.
The Outstanding Debt of $6,030,730 has been renegotiated and agreed upon by Senior Management, the Board of Directors, and all creditors of GCE to reduce and eliminate $4,051,732, thereby resulting in a lowered Outstanding Debt amount to $1,985,714. The debt reduction is a straight elimination of debt with no shares of company stock involved.
Due to the reduction and elimination of the above stated debt, the Shareholder Deficit of $6,787,935 has been reduced to $2,736,203.
Notes Payable, in the amount of $745,540 are included in the aforementioned Outstanding Debt amount. The January 1, 2024, maturity date for all Notes Payable, which includes all principal and accrued interest from Officers and Debt Holders, has been extended to January 1, 2026. These Notes will continue to be carried with no additional interest accruing, as has been the case for the past few quarters.
The Company has also been able to negotiate a reduction of expenses by having its consultants abate consulting fees from July- December 2023. The company will revisit the agreement with its consultants in January 2024.
As part of the company's plan and execution to launch all divisions fully integrated and operating, Global Clean Energy has been working on addressing the necessary issues.
Statements in this release may be regarded, in certain instances, as "forward-looking statements" pursuant to certain sections of the Securities Act 1933 and the Securities Exchange Act 1934, respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties, which could cause actual results or events to differ materially from those currently anticipated, including, but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting Global Clean Energy Inc. and its business. There can be no assurance that such forward-looking statements will ever prove to be accurate, and readers should not place undue reliance on any such forward-looking statements contained herein. Global Clean Energy Inc. will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
SOURCE Global Clean Energy, Inc.