Long Beach, CA / ACCESSWIRE / September 25, 2014 / Vision Industries Corp. (OTCQB: VIIC) today announced that the Company has voluntarily filed for Chapter 11 bankruptcy protection. This event was primarily the result of its inability to obtain quorum at its August 22, 2014, Shareholder Meeting, at which the Company sought permission to increase its authorized share count from 500 million to 10 billion common shares. The increase in authorized shares was requested by management to enable the Company to seek further funding to continue operations.
"We are disappointed by the lack of participation by our shareholders, especially by our main shareholder. This more than limited our options to raise capital; it effectively made it impossible," says Vision's CEO Martin Schuermann.
During the reorganization process, Vision will continue to operate and work on ongoing government supported programs and R&D projects. It is the Company's intention to reemerge from the Chapter 11 protection with a healthier balance sheet and thus be able to raise capital to execute its business plan.