Exhibit
99.1
July
21, 2010
Global
Clean Energy Holdings, Inc. Announces 2010 Annual Shareholder Meeting Results
andReincorporation in Delaware
LONG
BEACH, Calif.,July 21, 2010--(GLOBE NEWSWIRE) -- Global Clean Energy Holdings,
Inc. (OTCBB:GCEH), a California-based biofuel feedstock development and
operations company, announced today the results of the 2010 Annual Shareholder
Meeting held in Los Angeles, California on July 15, 2010.
The
following five agenda items were considered and approved by the
shareholders:
1.
|
The
re-election of all four Board of Director
members:
|
2.
|
Ratification
of Hansen,Barnett & Maxwell, P.C. as the company’s independent
auditors
|
3.
|
Adoption
of the 2010 Equity Incentive Plan
|
4.
|
Reincorporation
of the company in the state of
Delaware
|
5.
|
Amendment
to the Articles of Incorporation to grant permission to the Board of
Directors to effect a reverse stock split at a future
date
|
The
reincorporation of the company in Delaware and the approval of the reverse stock
split were approved with more than 94% of the shares voted on these measures,
voting in favor of these actions.
After the
voting was concluded, Richard Palmer, the company’s CEO and President, provided
a brief overview of the company, its goals, available services and current
operations. An open Question and Answer session was held with the
shareholders who were present. Mr. Palmer concluded the meeting by
stating, “We want to thank the shareholders for their votes and support of the
Board and Management. We are excited about our futuregrowth
potential, and our ability to establish a strong base upon which to grow the
company.”
On
Monday, July 19, 2010, the reincorporation of the company from a Utah
corporation to a Delaware corporation was completed,as approved by shareholders.
In the reincorporation, each outstanding share of the company’s common stock was
automatically converted into one share of common stock of the surviving Delaware
corporation. Shareholders do not need to exchange their stock certificates for
stock certificates in the Delaware corporation. The reincorporation did not
result in any change in the company’s name, ticker symbol, CUSIP number,
business, assets or operations. The management and Board of Directors of the
company will remain the same.
The
management and Board of Directors of the company believe that the
reincorporation of the company in Delaware will provide the shareholders with
the benefits of Delaware’s laws and attract more institutional
investors.
The
authority to execute a reverse stock split will enhance the Company’sability to
move its common stock to be listed on NASDAQ or on another stock exchange.The
Company will only execute the
reverse split if the Board believesthere is a sound business reason to do so
which will increase shareholder value.
As a
service to the shareholders who were unable to attend the shareholder meeting,
the meeting presentation is available on the company’s website at www.gceholdings.com.
About
Global Clean Energy Holdings
Global
Clean Energy Holdings, Inc. is an emerging renewable agri-energy company focused
on the production of non-food based feedstock used as replacement for fossil
fuels. More information regarding Global Clean Energy Holdings, Inc.
can be found at www.gceholdings.com
Caution
Regarding Forward-Looking Statements
Any
statements regarding Global Clean Energy Holdings, Inc. expectations, beliefs,
plans, objectives, assumptions or future events or performance are not
historical facts and are forward-looking statements for purposes of the Private
Securities Litigation Reform Act of 1995 (the "Act"). These statements are
often, but not always, made through the use of words or phrases such as
"believe," “feel”, "will," "expect," "anticipate," "estimate," "intend," "plan,"
"forecast," "could," and "would”. Examples of such forward looking statements
include statements regarding the timing, design, scope, and anticipated results
of its efforts to plant, harvest, and commercialize feedstock oil from Jatropha
curcas in Mexico. Global Clean Energy Holdings bases these forward-looking
statements on current expectations about future events. They involve known and
unknown risks, uncertainties and assumptions that may cause actual results,
levels of activity, performance or achievements to differ materially from those
expressed or implied by any forward-looking statement. Some of the risks,
uncertainties and assumptions that could cause actual results to differ
materially from estimates or projections in the forward-looking statement
include, but are not limited to, the risk that we might not be able to raise
sufficient funds to develop the Jatropha plantations in Mexico, that we may face
delays or other difficulties in acquiring and cultivating Jatropha farm lands in
Mexico, that we may not be able to successfully commercialize Jatropha oil as
expected, that the market for our Jatropha products will not grow as expected,
and the risk that the Mexican Jatropha project will not achieve expectations
because of the risks normally associated with creating a new business in a new
market. For additional information about risks and uncertainties Global Clean
Energy Holdings, Inc. faces, see the documents that Global Clean Energy
Holdings, Inc. has filed with the SEC. Global Clean Energy Holdings, Inc. claims
the protection of the safe harbor for forward-looking statements under the Act,
and assumes no obligation and expressly disclaims any duty to update any
forward-looking statement to reflect events or circumstances after the date of
this news release or to reflect the occurrence of subsequent
events.
Contact:
Global
Clean Energy Holdings, Inc.
Merilee
Myers at mmyers@gceholdings.com