Specifically, as previously disclosed in the Annual Report on Form 20-F for the year ended December 31, 2012, filed with the Securities and Exchange Commission ('SEC') on August 30, 2013, under 'Item 4. Information on the Company, B. Business Overview, Coal Sale Purchase Agreements' on page 42 and under 'Item 5. Operating and Financial Review and Prospects' on page 80 and under 'Notes on the Consolidated Financial Statements' page F-60, New Lead JMEG LLC, the party under the supply contract and an affiliate of the Company, received notice of termination on the coal supply contract. More precisely, as disclosed in the aforementioned 20-F, the Company stated 'In January and February 2013, New Lead JMEG LLC ('New Lead JMEG') also entered into three Sale Purchase Agreements (the February 26, 2013 announcement refers to one of those three agreements) with two third parties to supply approximately $806.1 million of thermal coal, which were subject to a variation of 5-10% in agreed tonnage supply, located in Kentucky, USA. In May and July 2013, New Lead JMEG LLC received notices of termination on the two of those Sale Purchase Agreements (the February 26, 2013 announcement refers to one of those two agreements) to supply approximately $245.1 million of thermal coal to one of the third parties due to ongoing defaults by New Lead JMEG LLC under the agreements.' Furthermore, on March 12, 2014, NewLead, New Lead JMEG and the third party reached a settlement agreement pursuant to which the third party agreed to receive shares of the Company's common stock having a value at such time equal to the settlement amount of approximately US $704,000 in full and final satisfaction of the obligations under the coal supply contract.
The Company issued the shares of common stock to the third party on March 26, 2014. The projected revenue, though based on the signed contract, was at the very high end of the performance of the contact. For further information, please visit the Company's SEC filings at the 'Investor Relations' section under 'SEC Filings', '. The Annual Reports of the Company on Form 20-F can be found at the 'Investor Relations' section under 'Annual Reports, '.
About NewLead Holdings Ltd. NewLead Holdings Ltd.
Regdoctor 2.26 Crack Newlead Holdings Announces Delivery Offers
NewLead Holdings Ltd. (Nasdaq: NEWL) ('NewLead' or the 'Company'), an international, vertically integrated shipping company, today announced that it completed the divestiture of all seven non-core vessels with the sale of three product tankers the Ostria, the Nordanvind and the High Land.
Is an international vertically integrated shipping, logistics and commodity company providing ideal solutions for seaborne transportation of dry bulk commodities and petroleum products through owned and managed vessels. NewLead controls a fleet of ten vessels, including five dry bulk and five tanker vessels and manages one third party tanker vessel. NewLead is a Securities and Exchange Commission ('SEC') reporting Foreign Private Issuer in compliance with applicable SEC rules and regulations and current in its SEC reporting, utilizing U.S.
Generally Accepted Accounting Principles' financial reporting standards. NewLead's common shares are traded under the symbol 'NEWL' on the Over-the-Counter market.
Newl
To learn more about NewLead Holdings Ltd., please visit NewLead's renewed website at. 'Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995 This press release includes assumptions, expectations, projections, intentions and beliefs about future events.
These statements, as well as words such as 'anticipate,' 'estimate,' 'project,' 'plan,' and 'expect,' are intended to be 'forward-looking' statements. We caution that assumptions, expectations, projections, intentions and beliefs about future events may vary from actual results and the differences can be material.