Alaska Pacific Energy Corp Nears Completion of Iron Ore Acquisition.
Miami
Fl. March 13, 2015. Alaska Pacific Energy Corp. (PINKSHEETS: ASKE) announced today
that it has nearly concluded its deal with issued has agreed in principal with
CND Metal Solutions for ASKE to acquire
the Company wherein ASKE will become the owner of 100 tons of Ore and will then
have it processed. The negotiations have been going on for the past year. There
have been many moving parts to the deal including restructuring the management
of the management of the Company.
As part of the new structure Mr. Eric Weinberger had been installed as the new CEO of ASKE. Unfortunately, Weinberger had to step down temporarily for unrelated personal reasons in February of this year. Past CEO Dominick Falso agreed to step back in during Weinberger’s temporary absence and has been continuing the negotiations with CND Metal Solutions.
“The deal has been agreed upon, although the execution has been and will continue to be more of a process than an event.” Falso said. He continued “I was waiting to announce the near completion of the deal until the return of Mr. Weinberger. However in an effort to keep our shareholder base informed I would like to present a brief outline of the history of these talks as well as a status statement that that identifies where are and what the next steps are.”
· In February of 2015 Jay King was hired as an outside consultant to identify and acquire a project for the company to execute.
· In April of 2015 as we reported by news release the deal had been negotiated to a point where a plan had been agreed upon by the parties with a projected closing date of 1Q of 2016. As the first step of this deal and at the request of CND, Eric Weinberger was to be hired as CEO.
· In June of 2015 Mr. Weinberger was installed as CEO. At this time I released the following statement:
“As indicated in a previous press release there was a desire on our part,
to move Alaska Pacific Energy Corporation forward. We have completed
execution of final closing docs, and I will be stepping aside as President, along with John
Correnti, and we will no longer serve the company in any affiliated capacity, effective June 12th.
The company will handle all pertinent resolutions and the handover of articles of incorporation
before the end of business June 12th, 2015. As reported earlier, the New CEO will be West
Palm Beach Medical Consultant, and entrepreneur, Eric Weinberger…”
“This was a deal we just had to get done because Mr. Weinberger has the pedigree,
the investors, the assets and the skill to turn this company around. While he does not have any
public company experience, he has worked with Venture Capitalists, has effectively founded
and raised money for a startup before, currently runs a very successful and profitable medical
consultingpractice, and knows how to structure deals that are in the best interests of a
company and its stockholders,” said Dominick Falso. “Naturally we are pleased to have
successfully closed this transaction ,because it's a fresh start, with proven successful people
who have a great track record. They want to create a Business Development Corporation with a
singular focus of monetizing the equity they are currently sitting on, and the current structure
with the Convertible Preferred Stock we created provided the best possible opportunity for them
to turn around Alaska Pacific Energy Corporation.
· In July of 2015 Mr. Weinberger decided that the company would need some structural work before he could close the Ore Acquisition. He also indicated in a July press release that simultaneous with the closing of the Ore deal He thought it would be prudent to prepare the company to become a Business Development Company.
· Mr. Weinberger spent the remainder of 2015 finishing up negotiations with CND Metal Solutions as well as commencing on the restructuring of the company. Also during this period the Company decided that it would raise the cash portion of the price for the Iron Ore by way of a Regulation A offering.
· Mr Weinberger hired Artfield Investments R. D. Inc. to prepare the Reg A application to be submitted to the SEC. Also in July of 2015, Mr. Weinberger secured funding for the retainer to Artfield. Artfield immediately commenced work on the application process.
· As previously stated, Weinberger had to step down temporarily for unrelated personal reasons in February of this year. Before his temporary Absence the Company recapitalized by way of a reverse split. This Corporate Action brought the Price per Share of the Company’s Common Stock up to a more appropriate level.
The next steps include the submission of the Reg A application to the SEC. Artfield anticipates this will occur within the next sixty-nintey days days. The application will be registering up to $20,000,000 worth of stock, to be used for the purchase of and the processing of the Ore. After processing the value of the processed minerals is expected to be approximately twenty million dollars.
We plan on bringing our financials up to date regarding these events in our 2015 Annual Report which is being prepared now and will be published on time before April 30th, 2016.In the meantime we are amending our 3Q Financials and Footnotes to properly disclose the loan secured to hire Artfield as well as the company’s activities with regard to the development and execution of this project.
We have finally found a project that is not only capable of great financial success, but it is also within the company’s reach. We can get there from here.
Safe Harbor Statement: This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company’s ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company’s contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
CONTACT: Alaska Pacific Energy Corp. Dominick Falso, President (954) 793-0657