BRIGHTON, Mich., Dec. 16, 2014 /PRNewswire/ -- McKenzie Bay International Ltd
(OTC-PINK: MKBY) and Clean Green Energy LLC
(doing business as CGE Energy, hereinafter "CGE") today announced
that the companies have signed a definitive agreement to merge.
This finalized deal follows the companies' Letter of Intent signed
in October.
"I am very pleased with the final deal we have structured. I
have always viewed this merger as in the best interests of the
shareholders of both CGE and MKBY," said Kevin Cook, current MKBY President, "As we begin
the next chapter, the combined entity will have a much stronger
market presence than either company could achieve on its own."
"We are thrilled to have this public platform to change the
world. It's time for everyone to see our vision for a sustainable
future," said Bryan Zaplitny,
current CGE President, "We will be good stewards with what has been
entrusted to us."
The companies said they expect their merger will be completed in
two phases within the next 90 days. By January 31 the companies will functionally merge,
with CGE being acquired by MKBY. A new leadership board will be
enacted, with Bryan Zaplitny
assuming the role of President/CEO.
The second phase will be completed by February 28, with the 1-for-25 reverse stock
split and name change happening at this time. Additionally, the
authorized limit of MKBY shares will be reduced from the current
300 million to 90 million shares.
Further information on the merger phases and details can be
found at: www.mckenziebay.com.
About McKenzie Bay International:
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 CGE Energy
CGE Energy (formerly known as Clean
Green Energy LLC) is an energy solutions provider headquartered in
Brighton, Michigan. For more than
20 years, the company has provided energy optimization services and
is now offering Power Purchase Agreements. Today the company serves
customers in the U.S. and abroad, using energy efficient
technologies that include Cree LED lighting and wind and solar
generation. Visit our brand new website,
http://www.cgeenergy.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.
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SOURCE CGE Energy