McKenzie Bay Intl. (MKBY) & Clean Green Energy Merger Details Announced
January 23 2014 - 10:10AM
Marketwired
McKenzie Bay Intl. (MKBY) & Clean Green Energy Merger Details
Announced
BRIGHTON, MI--(Marketwired - Jan 23, 2014) - McKenzie Bay
International, Ltd (PINKSHEETS: MKBY) and Clean Green Energy, LLC
(CGE), announced the Companies' business direction and merger
details earlier today on a joint webinar.
Following the completion of the merger, the merged entities will
go forward as CGE Energy, Inc.
To enable the merger and raising capital, MKBY will enact a
1-for-25 reverse stock split. MKBY shareholders will receive one
CGE Energy, Inc. share for every 25 MKBY shares. With this, the
authorized limit of MKBY shares will be reduced from the current
300 million to 90 million shares. Current CGE Members will receive
50 shares of CGE Energy Inc. for each CGE Membership Unit.
"Currently MKBY owns 5% of CGE. What will happen in this merger,
MKBY shareholders will own approximately 20% of CGE Energy Inc.,"
said Kevin Cook, MKBY President. "CGE Members will own
approximately 80% of CGE Energy Inc. going forward."
Bryan Zaplitny, CGE President-CEO, was named President of the
combined entity. "A merger has always been the goal. We wanted to
make sure the Company was in the right position to do this,"
commented Mr. Zaplitny. "I'm excited to be the person out front and
in charge."
Glen King of YMCA also made an on-screen appearance in the
webinar. "We appreciate CGE, Burtek, the stakeholders, and the
stockholders; all the people who make special, new dreams come
true." CGE has teamed up with YMCA and JCC of Greater Toledo to
educate and inspire children in the field of science, technology,
and mathematics.
A syndicated version of the webinar can be accessed at:
https://new.livestream.com/cleangreenenergy/update
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.
CGE private placement investments of up to $4,950,000 from
qualified investors are available pre-merger.
www.cleangreenenergyllc.com
For 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.
Contact: Rich Kaiser YES INTERNATIONAL 757-306-6090
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