SCOTTSDALE, Ariz., April 5 /PRNewswire-FirstCall/ -- Clear Peak
Energy, Inc., ("Clear Peak Energy" or the "Company") (Pink Sheets:
CLPE), which since 2009 has been planning the development of clean
solar electric power plants incorporating photo-voltaic (PV)
technology to be purchased from third parties today announced its
ongoing reorganizational efforts.
Name Change
On January 26, 2010 the company
amended its articles of incorporation with the State of Nevada changing its name to Clear
Peak Energy, Inc. from Wavenetworx, Inc. The name change
better reflects the Company's primary business. In connection
with the amendment of the Company's articles of incorporation, the
authorized preferred stock of the Company was increased to 20
million from the 6 million previously authorized. The number
of authorized common shares of the Company remained unchanged.
1-for-10 Reverse Stock Split
On March 15, 2010, the Company
effectuated a 1 for 10 reverse share split. As a result of
the reverse share split, every ten shares and outstanding Clear
Peak Energy common stock automatically combined into one issued and
outstanding common share. The par value of the combined
common shares remains US $0.001. The number of authorized common
shares of the Company remains 100 million. Clear Peak Energy
common shares started trading on a reverse split-adjusted basis at
the market open on March 15, 2010,
under the new ticker CLPE, CUSIP number 184677 102.
Business Reorganization into the Energy Space
David Hunt, a co-founder of a
number of enterprises and architect of several business
reorganizations over the past decade, commenced service as our sole
officer and director in September 2007. Mr. Hunt made efforts
in 2009 to position Clear Peak toward developing a strategy of
leveraging tax credits, rebates, guaranteed loans, and grant
programs in the alternative energy space and targeted a management
team with energy and tax experience. On January 3, 2010, Mr. Hunt appointed Kirby D. Cochran to Clear Peak's board of
directors and resigned as an officer and director to focus on other
projects.
Current Management Team
Kirby Cochran, Chief Executive
Officer and director, is the former President of Covol
Technologies, now known as Headwaters. Mr. Cochran was
responsible for securing a significant amount of energy tax credits
during his tenure at Covol in the 1990's. Under his
leadership, Clear Peak has assembled a highly qualified executive
team with vast experience in energy sector businesses including oil
and gas, and coal plus critical specialized expertise in solar
power plant engineering and development.
Lisa Mandell, Chief Operating
Officer, holds bachelors and masters degrees in Physics and is a
seasoned executive with over 30 years of experience in high tech
sales, marketing, & strategic development. She is a
former Vice President of Broadcast International, a Vice President
at Electronic Data Systems (EDS), a Vice President of Strategy at
Xerox and a Vice President of Marketing and Business Development at
Lucent Technologies.
Eric E. Anderson, PhD., Chief
Technical Officer is a former Principle Engineer for Science and
Applied Technology and at Hughes Aircraft Company, both defense
contractors, in the engineering of various weapons and sensor
systems. Mr. Anderson received his PhD in Electrical
Engineering from the University of Southern
California in 1993 with specializations in communications,
detection theory and mathematics.
William H. Davidson, PhD.,
director, is a former tenured Professor of Management at the
Marshall School of Business, University of
Southern California from 1985 to 1998. Dr. Davidson
founded MESA, Inc., a management-consulting firm acquired by
Deloitte & Touche in 1996. MESA's clients included over
half of the Fortune 100. As a national partner at Deloitte,
he had leadership responsibilities for the telecom consulting
practice from 1996-98, when the practice grew by over 900%.
Mr. Davidson has served on numerous public and private company
boards, and is a managing member of two investment funds and a
partner in a Chinese development group. Dr. Davidson earned
his B.A. in Economics, M.B.A. and doctorate in Business
Administration from Harvard
University.
Clear Peak Lack of Revenues, Technology And Resources
Clear Peak has developed a plan to employ tax credits, rebates,
guaranteed loans, equity tax partnerships (ETPs) and/or other
structures and incentives in an effort to fund the development of
solar power production facilities. However, as of the date of
this press release, Clear Peak has no revenues, has no expectation
of revenue in the next 12 months, owns no solar related technology,
owns no licenses to solar related technology, has not qualified for
any government loan, tax credit or rebate and presently lacks
sufficient assets to develop its business plan.
Outstanding Stock and Public Float
The total number of issued outstanding (including issuance in
process) common shares of Clear Peak totals 7,861,226 shares.
We expect to issue additional shares in the near future, which will
further dilute our current stockholders. Of the 7,861,226
shares, the number of shares presently in Clear Peak's public
floats, or believed by the Company to be eligible at any time to
enter into Clear Peak's public float, is approximately 786,216
common shares.
About Clear Peak Energy
Clear Peak Energy, Inc. is a publicly traded Nevada corporation planning the development
and operation of clean solar electric power plants incorporating
proven, lower-cost, photo-voltaic (PV) technology. The
Company's business plan covers the development and operations of
solar PV power plants in the United States. The Company
believes that traditional energy sources such as petroleum, coal
and natural gas are under increasing scrutiny over their
environmental implications and carbon footprint. National
concerns about carbon emissions and dependence on foreign oil have
resulted in strict government regulations of carbon emissions and
substantial incentives to increase use of renewable energies.
Safe Harbor Statement
The matters discussed in this press release contain
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
contained in this presentation and in the Company's other written
and oral reports are based on current Company expectations and are
subject to numerous risks, uncertainties and assumptions. Any
forward-looking statements are not guarantees of future performance
and actual results of the operations, financial condition and
liquidity. The forward-looking statements herein speak only
as of the date stated herein and might not occur or the actual
results may differ materially in light of these risks,
uncertainties, and assumptions. The Company undertakes no
obligation and disclaims any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. You should
carefully consider these factors.
SOURCE Clear Peak Energy, Inc.