SOURCE: Cascade Energy, Inc.

July 20, 2005 19:13 ET

Cascade Energy Corporate Update

SACRAMENTO, CA -- (MARKET WIRE) -- July 20, 2005 -- Cascade Energy, Inc. (the "Company") (OTC BB: CSCE) today announces that the Company, further to the news release disseminated on June 22, 2005, has completed the cancellation of 24 million shares of common stock. The shares (3 million pre forward split common shares in the company's capital stock) were originally issued in consideration for the purchase of the Company's wholly owned subsidiary Power Grow Systems Inc., a British Columbia company involved in the production and marketing of hydroponics plant growing equipment. The shares were tendered by two former directors of the company in consideration of 100% interest in all the issued and outstanding shares in the common stock of Power Grow Systems Inc. Effective as of June 30, 2005 and in conjunction with the transfer of the 100% interest in the shares, Power Grow Systems Inc. will assume and inherit all tangible and intangible assets and all proprietary and intellectual property standing in its name on that date. The disposition of the Company's wholly owned subsidiary was negotiated and completed as a result of the Company's consistent losses in the operation and its inability to secure necessary funds to finance its hydroponics plant growing equipment venture. The shares will be returned to treasury and canceled reducing the total amount of issued and outstanding shares in the capital of the company to 48,800,000.

Cascade Energy has acquired two key natural gas assets in the Coyote Creek Project in California and the Empress Project in Alberta, Canada. In addition, Cascade recently announced the acquisition of the Strand Fiord Coal Project on Axel Heiberg Island in Canada's arctic.

In conjunction with the acquisitions of the various interests in the energy sector, the Company has secured three million dollars in financing, in the form of Convertible Debentures from international investors, to finance the financial obligations in the energy sector acquisitions. The debentures are convertible, at holders' discretion, to company's common shares at a deemed value of US $ 0.50 on or before June 15, 2006.

Safe harbor for Forward-Looking Statements:

Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Cascade Energy Inc. has little or no control.

ON BEHALF OF THE BOARD
Cascade Energy, Inc.
"Sam Johal"

Contact Information

  • Contact:
    Sam Johal
    1-888-359-9565