SOURCE: Madison Property Company

July 06, 2010 11:32 ET

Palisades Petroleum (PINKSHEETS: PAPT) and MCP Group Close Deal

ANN ARBOR, MI--(Marketwire - July 6, 2010) -  MCP Group ("MCP") President, Brad Hayosh states the following: "We are pleased to announce that we have closed our Stock Purchase Agreement with Palisades Petroleum (PINKSHEETS: PAPT). MCP is contributing its interest in a multifamily apartment complex in Monroe, Michigan initially and plans on bringing in a minimum of $50,000,000 worth of assets over the next 24 months as it effectuates its business plan."

"While MCP originally began negotiations with Kinti Mining Limited (PINKSHEETS: KMLD), it was determined that PAPT and MCP were a better fit. Kinti Mining's shareholders will still benefit immensely from this transaction as they will still receive the 15 million shares of Palisades Petroleum in September. In addition, they will purchase our mining assets in exchange for shares in Kinti."

Brad Hayosh further comments, "We would like to thank Richard Byrd for his service and support. Richard received under a million shares of Palisades that he never sold as his total compensation. In a world filled with directors' greed, it is a breath of fresh air to find one that has put shareholders interests above his own."

Richard Byrd has resigned his position in Palisades and Brad Hayosh has assumed the role of President and CEO.

Contact Information

  • Contact:
    Michigan Collegiate Partners Holdings
    Bradley J. Hayosh
    President
    Email Contact