GREENHUNTER ENERGY, INC. (NYSE Amex: GRH), a diversified renewable energy company focused on wind development projects, biomass power generation and the production of biodiesel, announced today that its largest institutional investor, West Coast Opportunity Fund, LLC, has elected to convert a significant portion of its Series A 8% Convertible Preferred Stock into Common Stock of GreenHunter Energy (NYSE Amex: GRH). Pursuant to the terms of the conversion, as of June 10, 2009, West Coast Opportunity Fund, LLC has converted 5,000 shares of its Series A 8% Convertible Preferred Stock into 1,000,000 shares of Common Stock of GreenHunter Energy at a price of $5 per share.
Commenting on this event, Mr. Gary C. Evans, Chairman, President and CEO of GreenHunter Energy, stated, “West Coast Asset Management has been a significant investor and supporter of GreenHunter Energy since we originally began raising outside investor capital in 2007. We are pleased with their recent decision to convert a large portion of their existing preferred stock ownership into common shares of the Company. This decision should benefit all common shareholders of GreenHunter Energy, Inc. by providing our Company greater financial flexibility in our ability to access capital markets in the future.”
Forward-Looking Statements
Any statements in this press release about future expectations and prospects for GreenHunter Energy and its business and other statements containing the words “believes”, “anticipates”, “plans”, “expects”, “will” and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the substantial capital expenditures required to fund its operations, the ability of the Company to implement its business plan, government regulation and competition. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future.
GreenHunter Energy is focused on the renewable energy sectors of wind, hydro, geothermal, solar, biofuels, and biomass power plants. Our assets consist of leases of real property for future development of wind energy projects located in Montana, New Mexico, California, Texas, Wyoming and The People's Republic of China, the nation’s largest biodiesel refinery located in Houston, Texas, a biomass-fired power plant located in Brawley, California, and an option to lease acreage associated with a terminaling facility in Port Sutton, Florida. Headquartered in Grapevine, Texas, GreenHunter Energy was formed to be the first publicly traded renewable energy company based in the U.S. that provides to investors a portfolio of diversified assets in the alternative energy sector. Additional information about GreenHunter Energy may be found at www.greenhunterenergy.com.
GreenHunter Energy, Inc.
Jack W. Zedlitz, 972-410-1044
jzedlitz@greenhunterenergy.com