Copyright 2004-2008 U.S. Microbics Inc.
SSWM Announces Reorganization, Recapitalization, Name Change
Company using its Core Competencies to Favorably Impact the Environment
CARLSBAD, Calif.--(BUSINESS WIRE)--Feb. 11, 2008--Sub-Surface Waste Management of Delaware, Inc., (Pink Sheets: SSWM - News), announced that it is reorganizing its corporate structure, announcing a recapitalization, and a new name for future business operations. All changes are expected to be completed in the next sixty days and shareholders will receive notices effecting the changes, but are not required to vote on the changes.
The Board of Directors of Sub-Surface has determined that it is in the best interests of the company to reorganize the corporate structure and change the name of the corporation to Green Mountain Development Corp. (GMDC). The company will have two operating divisions, namely Quick Quarters Kentucky (QQK), a wholly-owned modular building manufacturing subsidiary, and the Technology division comprising manufacturing and distribution of the microbial technology and associated patents used for contamination cleanup and agricultural growth enhancement. Management is currently evaluating proposals for the licensing or joint-venture of the microbial technology and the refinancing of its Mexico operations.
In conjunction with the reorganization and new name, GMDC will effect a recapitalization through a reverse stock split of 1 new common share for every 100 outstanding common shares. A shareholder of record date for the reverse stock split will be announced in the near future.
Based upon the information available to the company, the number of shareholders of record of the company’s common stock is fewer than 300 and the company has filed a file a Form 15 with the Securities and Exchange Commission (SEC) in order to terminate the registration of its common stock under the Exchange Act. Upon the filing of the Form 15 and a ninety-day waiting period, the Company will no longer be required to file periodic reports with the SEC, including annual reports on Form 10K and quarterly reports on Form 10Q and will no longer be subject to the SEC’s proxy rules. GMDC’s common stock will become listed on the pink sheets under a new trading symbol. GMDC will provide reports as to its financial condition and results of operations which may be accessed at www.pinksheets.com.
About Sub-Surface Waste Management
Sub-Surface Waste Management of Delaware, Inc., a majority owned subsidiary of U.S. Microbics, Inc., (OTCBB: BUGS - News), provides management services for its subsidiary companies.
Investors and media contact Robert Brehm at 760/918-1860, ext. 102 or email at bob@bugsatwork.com.
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis or Plan of Operation" and other sections of the company's Form 10-KSB and other publicly available information regarding the company on file with the Securities and Exchange Commission. The company will provide you with copies of this information upon request.
Contact:
Sub-Surface Waste Management of Delaware, Inc.
Robert Brehm, 760/918-1860, ext. 102
bob@bugsatwork.com
Source: Sub-Surface Waste Management of Delaware, Inc.