Exhibit 99.1
Greenleaf Clarifies Raging Bull Commentary
Business Editors
AUSTIN, Texas--(BUSINESS WIRE)--March 2, 2001--In order to amplify and
clarify statements made by an officer of Greenleaf Technologies Corporation
(OTC: GLFC) on www.ragingbull.com, Greenleaf today issued this statement, which
is being simultaneously filed with the SEC, so that all information is equally
available to the investing public. Electronic copies of the Company's reports
filed with the Securities and Exchange Commission are located at
http://www.freeedgar.com and investors are referred to them for complete
information. The Company anticipates filing its 10-QSB for the quarter ended
December 31, 2000, next week.
The Company has previously reported in its press releases and public
filings on its "Advocate Energy Metering System" project ("Advocate"), which,
once developed and operational, may be helpful in metering peak and off-peak
consumer electrical consumption. With respect to this potential product, patent
applications were filed in December 2000 under the name of two of its employees
who, as employees, assigned the right, title and interest in the patents to
Greenleaf as part of employee confidentiality agreements. No response has been
received from the U.S. Patent Office thus far and the Company does not currently
have the funding to exploit commercial development of this product. The Company
anticipates that it will take $500,000 and 6 weeks to develop the software for
the Advocate prototype. As previously reported, the Company anticipates that
full commercial development will take until the fourth quarter of fiscal year
2001 and will require an expenditure of approximately $5,000,000.
Further, the Company has reached the prototype stage on its Nitro-Cast
product. Although Greenleaf anticipated the prototype system would reach
completion by Thanksgiving of 2000, it was not completed until February 21,
2001. On August 16, 2000 the Company and NIVIS announced a contract to develop
the prototype for Greenleaf's Entertainment Portal device. The contract is to be
part of a phased development project to produce hardware and software products
designed to move entertainment content from the producers to the consumers on
demand via this entertainment content portal. It is hoped that Greenleaf's
Entertainment Portal product will provide consumers with the ability to store,
play, and manipulate content that has been delivered to their home via
satellite, cable and other high speed data channels. The Company believes NIVIS
is a leader in technology development and deployment with a focus on the
Internet and other enabling technologies. On September 20, 2000, Greenleaf
announced that they entered into additional contracts with NIVIS to develop the
network infrastructure and delivery mechanism for Greenleaf's Entertainment
Network e-commerce content delivery system. The second set of contracts will
incorporate video and audio encryption along with a proprietary multimedia
player that will work with the Greenleaf Entertainment Network system and other
existing media and devices. The long-term vision for the Greenleaf Entertainment
Network product is to provide consumers access to the latest movies, music,
video games and the Internet all on the TV in a secured environment. As of the
date of filing of the Company's Form 10-KSB, there were commitments for material
capital expenditures to NIVIS for approximately $473,181, which could not be
currently met. At present, the amount owed to NIVIS is $448,445.The Company
previously announced and reported in its Form 10-KSB that it had entered into a
Letter of Intent/Term Sheet whereby J-Tex agreed to purchase newly issued
restricted stock of Greenleaf Technologies such that it would own 51% of
Greenleaf Technologies and 25,000,000 restricted shares of Greenleaf Ventures.
The J-Tex Agreement was filed as Exhibit 10.5 to the Company's Form 10-KSB filed
with the SEC on January 21, 2001, and investors are referred to it for the
complete terms. In effect, J-Tex committed to buy 193,000,000 shares of
restricted GLFC stock for a total purchase price of $34,000,000 and 25,500,000
restricted shares of Greenleaf Ventures. The term sheet provided for interim
funding of $2,000,000 to be provided by on or before January 24, 2001, and for a
final closing by March 31, 2001. By letter of February 9, 2001, J-Tex indicated
that due to circumstances beyond its control it was necessary to request an
extension to complete the interim funding by February 23, 2001. On February 23,
2001, J-Tex requested an additional extension until March 1, 2001 to fund the
initial commitment. On March 2 J-Tex requested an additional extension to March
7, 2001 Absent immediate interim funding by J-Tex or from some other source, the
Company will be unable to support product development and marketing for the
Advocate, Nitro-Cast or any of its products. To reduce costs pending interim
funding, certain of the Company's officers and employees are continuing to defer
receipt of compensation and one officer has loaned money to the Company. There
can be no assurance that the Company will be able to obtain the necessary
financing to continue as a going concern.
This release contains forward-looking statements. Statements contained in
this release that are not historical facts may be deemed to be forward-looking
statements. Investors are cautioned that forward-looking statements are
inherently uncertain. The future results of operations and business of Greenleaf
Technologies Corporation involve inherent risks and uncertainties including, but
not limited to, the fact that lack of available funding may prevent the Company
from promptly and fully developing the Company's products and distributing them
commercially (or developing them at all), that applied for patents may not be
granted, as well as the risk of competition from better financed companies
offering similar products. The Company's actual results could materially differ
from those presented. Risks and uncertainties of the Company will be detailed
from time to time in the Company's periodic and current reports filed with the
SEC. The Company intends that such statements about the Company's future
expectations, including future products be viewed as forward-looking statements.