EVFN - Company Thanks Shareholders For Funding All These Years Of Mismanagement

EVFN still thinks its "rewarding" their shareholders.  I'm really starting to wonder if the company is any smarter than the people buying their stock.  Even if the company isn't smarter they are richer, as anyone whose bought EVFN the last three years has lost a small fortune.

The company issued a press release on January 12th and sounded so proud to have converted debt into equity.  It must feel good to screw your loyal shareholders over on a consistent basis.... well at least you're good at something:

Evolution Fuels, Inc. (Pink Sheets: EVFN) (the "Company") today announced a reduction of approximately $21 Million of its corporate debt through the conversion of the debt into shares of the Company's common stock, effective as of December 31, 2009.  This conversion of debt eliminates over 94% of the financial liabilities associated with the Company's $52.5 financing package closed in July 2006.
In total, the Company has eliminated over $110 million of liabilities since June 30, 2008.

Tonight EVFN  issued another filing showing further debt elimination.  Guess how they eliminated the debt?  You're getting smart....  equity conversions.  Why anyone with half a brain would take an equity stake in this reverse split offender is beyond me.

 On top of the equity EVFN has to come up with $900,000.  I wonder how they plan on doing that..... Do I need to answer this one or can you figure it out on your own.

Here is an excerpt from tonight's filing:

Over the past three months Vertex and Evolution have actively pursued a mutually
agreeable resolution, which resulted in the execution of a new settlement agreement on
January 26, 2010.  ofUnder terms of the agreement, Evolution is required to issue 2.5
million shares Evolution Fuels common stock to Vertex, assign its membership
interest in Biodiesel Investment Group, and pay $900,000 additional consideration.

And for anyone new to this blog type EVFN or EVFL (the ticker before the 600-1 reverse split) to read about this stock.  The three year chart below shows how EVFN is paying for the debt its incurred over the years, by selling stock:

Evolution Fuels Announces Further Reduction of Corporate Debt


Latest Efforts Reduce Debt by $21 Million; Cumulative Total Decrease of $110 Million
DALLAS, Jan 12, 2010 /PRNewswire via COMTEX/ -- Evolution Fuels, Inc. (Pink Sheets: EVFN) (the "Company") today announced a reduction of approximately $21 Million of its corporate debt through the conversion of the debt into shares of the Company's common stock, effective as of December 31, 2009. This debt was in connection with convertible notes originally issued in July 2006, and through a settlement agreement, a portion was exchanged for a new set of convertible notes in December 2008. A total of 2,060,308 shares of common stock were converted and issued on December 31, 2009 to the noteholders to satisfy the approximate $21 million of debt. The converted and issued common stock is "restricted" as defined under the Securities Act of 1933.
This conversion of debt eliminates over 94% of the financial liabilities associated with the Company's $52.5 financing package closed in July 2006.
In total, the Company has eliminated over $110 million of liabilities since June 30, 2008.