Greens WorldWide Becomes Black Castle Developments
The Financial Industry Regulatory Authority has approved Greens Worldwide Inc. to change its corporate name to Black Castle Developments Inc.
The Fresno, Calif.-based company, which purchases nonperforming notes and bank-owned, income-producing commercial real estate, is now using the trading symbol BDVI.
The name change reflects the company’s new business strategy of taking advantage of opportunities in the real estate market by acquiring nonperforming notes, properties in default and REOs. After the acquisition occurs, the company plans to develop, operate and manage the commercial income-producing commercial and residential distressed properties.
“The commercial and residential real estate market is currently flooded with major discounts,” said Jeff Holroyd, CEO of Black Castle Developments. “Financial institutions are eager to rid themselves of this bad debt and improve their balance sheets, which ideally positions BDVI to purchase NPN’s for pennies on the dollar. We are excited to move forward with our business strategy that can provide our shareholders and accredited investors with substantial upside potential.”
The company also completed a 1-for-1,000 reverse stock split, which resulted in the reduction of common shares outstanding to a total of 2,686,268. As required by FINRA, the company has to trade under the symbol BDVID until March 31.