QUITO, ECUADOR--(Marketwired - Aug 23, 2013) - BluForest Inc. (OTCBB: BLUF) (OTCQB: BLUF), and its CEO, Charles Miller, have been named as defendants in a lawsuit filed by Mr. George A. Sharp in Superior Court of the State of California. In this Civil Action, Mr. Sharp alleges that BluForest, previously known as Greenwood Gold Resources Inc. (OTCBB: GGRI) deliberately issued false and misleading press releases regarding an acquisition of a Summer Mining Property from Candorado Operating Company, Ltd., thereby deliberately deceiving him and defrauding the public. Mr. Sharp recently announced his addition of BluForest Inc. independent consultant Jim Can as a defendant to this lawsuit.
BluForest Inc., Mr. Miller, and Mr. Can maintain that Mr. Sharp's numerous allegations are entirely baseless and without merit. Each party will move to dismiss this action and undertake any other defenses vigorously, including request for removal to Federal Court given the multi-state and federal jurisdictional aspects of the allegations. Mr. Sharp also does not have individual standing to bring this action as an alleged former shareholder of GGRI; any such action may only be maintained by a duly certified class of shareholders in a derivative action in the state of domicile of BluForest, Inc., which is Nevada, and of the state or country of residence of each individual defendant.
About BluForest Inc. BluForest Inc. is a development stage company that is a publically traded carbon offsets marketing and renewable energy company. BLUF is executing its strategy to become a leading marketer of carbon offsets in the voluntary markets under the UN principle of Reducing Emissions from Deforestation and forest Degradation (REDD+). The BluForest website provides further information about the company which prospective investors are encouraged to visit.
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On behalf of the Board of BluForest Inc.