CGE Energy Announces Post Merger Insider Share Structures
BRIGHTON, Mich., Oct. 16, 2015 (GLOBE NEWSWIRE) — CGE Energy (OTCPink:CGEI) announced today that its directors, officers and principal owners currently represent a majority of shareholders and that the public float is currently 2,662,000 shares.
At the time of the CGE Energy’s acquisition with McKenzie Bay International (MKBY), MKBY had a 300 million shares authorized with a maxed out 300 million issued and Outstanding Shares (O/S) prior to the reverse split.
As part of the merger, MKBY then executed a 1-for-25 reverse split, reducing its maxed out O/S to 12 million. Also as part of the merger, MKBY reduced Authorized Shares (A/S) from 300 million to 92 million. MKBY then issued 50 million shares to Clean Green Energy LLC (CGE-LLC) members to acquire their 1,000,000 CGE-LLC shares, for a total post-merger O/S of 62 million.
As reflected in CGE Energy’s 6/30/2015 quarterly financial statement, Authorized Common Stock equaled 92,000,000, and issued and Outstanding Shares equaled 62,200,000. Between the time of the merger to June 30, 2015, 200,000 shares were issued to parties exercising stock options. Also released within the statement was information that free trading shares equaled 5,768,000, ten beneficial shareholders held a collective 45,722,196 shares, and there are 297 Direct Shareholders of record.
All 50 million shares issued to CGE-LLC owners are restricted from trading and cannot be sold at this time. Commitments have been made by shareholders to withdraw their shares from the free trading float. The public float, meaning those shares that can be currently traded in the market, is currently a mere 2,662,000 shares, as updated September 15 on OTC Markets.
CGE Energy directors, officers and principal owners represent current majority shareholder ownership as of the June 30 quarterly report.
- Bryan Zaplitny – Director, President/CEO: 32,904,005
- Kevin Cook – Director: 1,419,356
- Mark Cecil – Director, Treasurer: 79,936
- Michael Pollakowski – Director: 1,354,169
- Craig Hancock – Director: 1,637,436
- Gary Westerholm – Director, VP Finance, Chairman: 3,271,706
- Paul Schneider – Director, VP Marketing, Secretary: 250,000
- William Naubert – Director: 171,678
- Derek Spangler – Director, VP Project Management & Development: 13,910
- Gary Zaplitny – Principal Owner: 4,620,000
Total Beneficial Owners: 45,722,196
With CGE Energy being closely held, CGE Energy directors have also voted to abstain from compensation until further notice, signifying management’s determination and commitment to growth going forward.
CGE Energy is currently going through major expansion by opening offices in Grand Rapids, Michigan and Chicago, Illinois where its Canal Street location will work as a distribution hub in the company’s expansion plans to open ten additional strategic locations throughout the Nation.
About CGE Energy
CGE Energy (OTCPink:CGEI) is the leading engineer of no capital cost energy solutions. Headquartered in Brighton, Michigan, the company integrates the optimal configuration of renewable energy and energy efficiency technologies to meet their customers unique energy needs. Today the company serves customers in the U.S. and abroad, using energy technologies that include Cree® LED lighting, their patented WIND•e20® wind turbine and SolarWorld® solar generation. http://www.cgeenergy.com
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CONTACT: Contact: Paul Schneider 248-446-1344, email@example.com