BRIGHTON, MI--(Marketwired - Jan 9, 2014) - McKenzie Bay International Ltd (PINKSHEETS: MKBY) signed a letter of intent to merge with Clean Green Energy LLC (CGE), a privately held renewable energy company. The Merger is to be structured as a reverse triangular merger.
McKenzie Bay has proposed to exchange all of CGE's Membership Units for MKBY Stock. After the merger, CGE will become the majority owners of MKBY. Additionally, MKBY will need to enact a reverse stock split and substantially reduce authorized shares to facilitate the merger.
"The CGE merger enables MKBY to move forward with a great future in the on-site renewable energy generation and energy efficiency markets," said Kevin Cook, MKBY President. "A merger represents a solid business decision to maximize long-term shareholder value for our existing and new shareholders."
"I am extremely pleased at the prospect of a merger with MKBY," commented Bryan Zaplitny, CGE President-CEO. "The ability to go forward as a public company is a great opportunity for our CGE Members and MKBY shareholders collectively."
The Companies have not yet set a date for the merger. CGE private placement investments of up to $4,950,000 from qualified investors are available pre-merger.
About McKenzie Bay International Ltd:
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 Clean Green Energy:
Clean Green Energy (CGE) has been innovators in the alternative energy industry since 1989. CGE believes that renewable resources should be available to everyone at a lower, fixed cost. www.cleangreenenergyllc.com
For further information contact, Investor Relations, Rich Kaiser, YES INTERNATIONAL 757-306-6090, firstname.lastname@example.org
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.