Business
Pinnacle Group Unlimted Inc. (PGPU.PK) To purchase all the assets and liabilties of Maverick Energy Group Inc.
Pinnacle Group Unlimted Inc. (PGPU.PK) To purchase all the assets and liabilties of Maverick Energy Group Inc..
About this update from Maverick Energy Group, Ltd.
[{"type":"text","content":"\r\n\r\nPGPU is pleased to announce a definitive agreement for the purchase of all the assets and liabilities of Maverick Energy Group, Inc. in exchange for 95 million of Pinnacle's treasury shares\r\n\r\n\"We are confident this transaction will translate into improved value for our shareholders and provide us with an exciting opportunity to move forward through association with a dynamic industry and strategically positioned and progressive partner\" said Ronald Kopman, CEO of PGPU\r\n\r\nRichard Bednar, president of Maverick Energy Group, states: \"In our opinion, this new partnership will now have the abilities for acquisitions and capital not previously available. We look forward with great anticipation in achieving significant and rewarding growth within this vital and globally significant industry\"..\r\n\r\nMaverick's management team will assume management of PGPU as part of the transaction. The full terms were not immediately disclosed.\r\n\r\nThe deal is pending an amendment of PGPU's Articles of Incorporation in Nevada. Closing is scheduled for March 30, 2006.\r\n\r\nMaverick Energy is the operator of the 'Big Foot Field\" in West Texas originally developed by Royal Dutch Shell (RDS-A on NYSE) as well as proprietary owner and operator of several natural gas fields in West Virginia.\r\n\r\nPGPU is a publicly held holding company formed for purchase and acquisitions that best appreciates shareholder value. \r\n\r\nFurther information can be found at www.pinnaclegli.com or www.maverickenergy.com\r\nor www.pinksheets.com\r\n\r\n\r\nThis release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technolo...