EnerBrite Technologies Announces Stock Consolidation and Agreement to Acquire Rebel Oiladmin
As a result of the Company’s inability to realize any significant success in attracting capital, the lack of a market for the trading of its shares and the resulting impact on management’s ability to advance its business plans, management has concluded that a significant amendment to its business plan is warranted. Therefore, the Company announces the signing of an agreement to acquire 100% of the shares of a privately owned oil producing company located in Kentucky in exchange for a majority of the voting common stock of EnerBrite.
This oil company has been in operation since 1991 and currently has revenues from operating wells located in Kentucky. The company is in the process of upgrading its current wells and exploring the possibilities of drilling of additional wells on other properties it has under lease.
In furtherance of the Company’s new business plan, the Company announces a 100,000 to 1 reverse split to become effective on the opening of business today. The stock split is such that each 100,000 shares held will be converted into 1 share. The fractional shares will be rounded up.
EnerBrite Technologies Group, Inc. will also trade under a new symbol, ETGG.
“While this reverse will affect all shareholders profoundly,” says Steven Brown, EnerBrite Technologies Chief Financial Officer and co-CEO, “it allows the Company to move forward to create value for our shareholders in the medium term and beyond.” Brown continues, “We wish to reassure shareholders that no insiders have sold any shares since the original EnerBrite merger was completed in March 2007.”
This acquisition will be subject to the completion of standard due diligence and normal events necessary in order to close this transaction. However, all parties are committed to successfully conclude this transaction as soon as possible.
EnerBrite’s existing energy management businesses will be spun out prior to closing of this acquisition.