PGI Energy

August 08, 2011 14:15 ET

PGI Energy Letter to Shareholders

HOUSTON, TX--(Marketwire - Aug 8, 2011) - PGI Energy, Inc. (PINKSHEETS: PGIE)

The Executive Management Team would like to take this opportunity to address comments posted to various blog sites to point out flaws within our contracts with various companies. PGI ENERGY has been very aggressive in its growth plans to ink deals with synergistic businesses. We have not done the best job in our due diligence process to investigate every fact and detail regarding target companies.

We have relied in good faith upon certain representations made by those companies. We have generally investigated whether there was pending litigation against a company and verified general information about the business. We have not gone through the painstaking task of investigating employees of companies as we recognize the company as the party we are entering into the contract with. Some of the investigative bloggers have more time and utilize their resources to dig more into the backgrounds of individuals within those companies and have discovered some alarming details about certain individuals that we had no knowledge about.

PGI Energy receives solicitations daily from IR firms and potential vendors wanting to joint venture with us. We turned down a lot of opportunities that we believe were not right for the company and its shareholders. We have entered into agreements with the expectation that we would benefit financially from the transaction in the near future thus adding value for our shareholders. The investigative bloggers have cost us at least one contract and almost caused the termination of two more contracts from large vendors being harassed by what they tell the vendors are our shareholders. We do not believe these individuals are truly shareholders of PGI but are short sellers who benefit from driving the stock down with negative news which is illegal activity.

We would like to clarify some facts concerning our predecessor entity PGI ENERGY FUND I SERIES 2010, INC. We did go through a previous S-1 process and became effective without comment. However, we had entered into agreements with an offshore underwriter to sell the IPO in Asia. To consummate the sell we would have had to issue the shares to the investor, but we agreed not to issue the certs until legal matters were resolved. Since our proposed underwriter was not licensed in the US we did not sale the shares to them as contemplated and instead withdrew the entire offering and retired all shares of that company. We then acquired Tensas, Inc. and changed its name to PGI Energy with the intentions of building our business plans.

The executives of this company have not entered into this business with the sole goal of enriching themselves. We are the largest shareholders and have our personal money invested into the business. We do not receive the lucrative salaries that our contracts call for but have deferred our payroll many times and been on half salaries since inception in the interest of meeting expenses and payroll for our support staff. We still own all of our shares and none have been sold, they are still in physical certificate form not in brokerage accounts. We have now positioned ourselves to start generating revenues from the sale of Pro One lubricants products and will unveil our sales distribution plan soon.

About us
PGI Energy, Inc. is an energy holding company, headquartered in Houston, Texas. The company's purpose is to acquire assets in the proven producing oil, gas assets, refinery, pipeline sectors of the energy industry and other synergistic assets.

PGI has formed several partnerships to grow its core business organically through strategic alliances diversifying its interest in green energy through biomass production, waste to energy, wood pellets production, syn gas, bio char production and plastics to synthetic crude. PGI has several core divisions which provide support to its operations and customers such as PGI Transportation & Logistics, PGI Manufacturing & Engineering, PGI Green E & P and PGI Commodities Trading.

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Contact Information

  • Contact
    Media & Investor Relations Contact:
    PGI Energy, Inc.
    Jose I. Colon