McKenzie Bay International and Clean Green Energy Sign Merger LOI
January 09 2014 - 9:45AM
Marketwired
McKenzie Bay International and Clean Green Energy Sign Merger LOI
BRIGHTON, MI--(Marketwired - Jan 9, 2014) - McKenzie Bay
International Ltd (PINKSHEETS: MKBY) signed a letter of intent to
merge with Clean Green Energy LLC (CGE), a privately held renewable
energy company. The Merger is to be structured as a reverse
triangular merger.
McKenzie Bay has proposed to exchange all of CGE's Membership
Units for MKBY Stock. After the merger, CGE will become the
majority owners of MKBY. Additionally, MKBY will need to enact a
reverse stock split and substantially reduce authorized shares to
facilitate the merger.
"The CGE merger enables MKBY to move forward with a great future
in the on-site renewable energy generation and energy efficiency
markets," said Kevin Cook, MKBY President. "A merger represents a
solid business decision to maximize long-term shareholder value for
our existing and new shareholders."
"I am extremely pleased at the prospect of a merger with MKBY,"
commented Bryan Zaplitny, CGE President-CEO. "The ability to go
forward as a public company is a great opportunity for our CGE
Members and MKBY shareholders collectively."
The Companies have not yet set a date for the merger. CGE
private placement investments of up to $4,950,000 from qualified
investors are available pre-merger.
About McKenzie Bay
International Ltd: McKenzie Bay is an energy technology
holding company focused on the acquisition of exclusive rights to
renewable energy technologies and is looking to acquire.
www.mckenziebay.com
About Clean Green
Energy: Clean Green Energy (CGE) has been innovators in the
alternative energy industry since 1989. CGE believes that renewable
resources should be available to everyone at a lower, fixed cost.
www.cleangreenenergyllc.com
For further information contact, Investor Relations, Rich
Kaiser, YES INTERNATIONAL 757-306-6090,
yes@yesinternational.com
Certain statements made in this release constitute
forward-looking statements and do not guarantee future performance.
Actual results or developments may differ materially from the
projections in the forward-looking statements.
For further information contact: Investor Relations Rich Kaiser
YES INTERNATIONAL 757-306-6090 Email Contact
CGE Energy (CE) (USOTC:CGEI)
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