Global Clean Energy Inc. (OTC:GCEI) Stock Soars 31%: Here is Why
The green technology sector has naturally attracted a lot of attention from investors in recent years, and for good reason too, considering the long-term prospects. There are a number of listed companies that one could consider tracking in this situation, and one of those is Global Clean Energy Inc. (OTC:GCEI). The company is known for being a green technology project developer, and these projects provide green energy in a range of forms.
The management team at the company and its Board of Directors were both making preparations to finally enter the operational phase. In a news release yesterday, the company revealed that before it transformed into a growth-phase company from an emerging one, a series of debt restructuring transactions had been executed and eventually approved by the concerned parties.
The company announced that outstanding debt to the tune of $6,030,730 had been renegotiated and agreed upon by all the relevant creditors, senior management, and board of directors to not reduce. Hence, as much as $4,051,732 of that outstanding debt would be eliminated. As a result, the outstanding debt amount was reduced to $1,985,714.
The elimination of the debt did not involve any shares of the company’s stock as makeweight. Additionally, due to the reduction of the outstanding debt, the shareholder deficit had also been reduced to $2,736,203 from $6,787,935. Notes payable to the tune of $745,540 had also been included in the debt that was cancelled. The maturity date for all notes payable had initially been January 1, 2024; however, it had been extended to January 1, 2026. The company would continue to carry the notes, but no additional interest would be accrued, as opposed to the situation in the previous two quarters. Global Clean Energy also noted in the news release yesterday that it had also been successful in negotiating an abatement of the consulting fees by its consultants for the period from July to December 2023.
The company made another significant announcement on August 21 when it announced that it had entered into a joint venture with Provectus Engineered Materials Ltd. Through the agreement, the company managed to secure the patents and rights to Provectus’ Sonication technology. The technology is meant for reducing sulfur in crude oil and also for the removal of oil found in oil sand tailings.
At the time, it was announced that the high-sulfur fuel oil testing for the first round through the use of Sonication technology had already been conducted. The news release went on to add that further testing would be done in the future with a range of catalysts that had a track record of reducing sulfur in fuel oil. Provectus is best known for its low-frequency sonication technology, which offers unique platforms meant for process engineering.
At the time, it was pointed out that Provectus held as many as six patents in the fields of sono-chemical and mechanical grinding and separation techniques. It may well be a good time to add the Global Clean Energy stock to your watch lists.