Clean Green Energy LLC completed the acquisition of McKenzie Bay International Ltd. in a reverse merger transaction.
As on December 16, 2014, McKenzie Bay International and Clean Green Energy signed a definitive agreement to merge. The merger will be completed in two phases within the next 90 days. A new leadership board will be enacted, with Bryan Zaplitny assuming the role of President/Chief Executive Officer. By January 31, 2015, the companies will functionally merge, with CGE being acquired by MKBY. 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.
The name change to CGE Energy Inc. shall take place by the end of February 2015. Richard Jones of Jones, Haley & Mottern, P.C. acted as the legal advisor to Clean Green and McKenzie.
Clean Green Energy LLC completed the acquisition of McKenzie Bay International Ltd. (OTCPK:MKBY) in a reverse merger transaction on January 31, 2015. Until end of February, the stock will be traded under the OTC:MKBY ticker symbol. Upon FINRA approving the merger, MKBY's name will be changed to CGE Energy Inc., MKBY shares are reversed 1 for 25, and, FINRA will issue a new ticker symbol and CUSIP number.