BRIGHTON, MI--(Marketwired - Jan 23, 2014) - McKenzie Bay International, Ltd (PINKSHEETS: MKBY) and Clean Green Energy, LLC (CGE), announced the Companies' business direction and merger details earlier today on a joint webinar.
Following the completion of the merger, the merged entities will go forward as CGE Energy, Inc.
To enable the merger and raising capital, MKBY will enact a 1-for-25 reverse stock split. MKBY shareholders will receive one CGE Energy, Inc. share for every 25 MKBY shares. With this, the authorized limit of MKBY shares will be reduced from the current 300 million to 90 million shares. Current CGE Members will receive 50 shares of CGE Energy Inc. for each CGE Membership Unit.
"Currently MKBY owns 5% of CGE. What will happen in this merger, MKBY shareholders will own approximately 20% of CGE Energy Inc.," said Kevin Cook, MKBY President. "CGE Members will own approximately 80% of CGE Energy Inc. going forward."
Bryan Zaplitny, CGE President-CEO, was named President of the combined entity. "A merger has always been the goal. We wanted to make sure the Company was in the right position to do this," commented Mr. Zaplitny. "I'm excited to be the person out front and in charge."
Glen King of YMCA also made an on-screen appearance in the webinar. "We appreciate CGE, Burtek, the stakeholders, and the stockholders; all the people who make special, new dreams come true." CGE has teamed up with YMCA and JCC of Greater Toledo to educate and inspire children in the field of science, technology, and mathematics.
A syndicated version of the webinar can be accessed at: https://new.livestream.com/cleangreenenergy/update
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. CGE private placement investments of up to $4,950,000 from qualified investors are available pre-merger. www.cleangreenenergyllc.com
For 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.