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Cascade Energy, Inc. Announces Share Consolidation and Strategic Growth Objectives
Cascade Energy, Inc. (OTCIQ: CSCE), (www.Cascadeenergyinc.com), a Company specializing in environmental solutions specifically relating to the mining, oil and gas industries, announced today that in accordance with its prior announcement to effect a 1-for-25 reverse stock split of its common stock, that such reverse stock split became effective at the opening of trading on April 30, 2015. The Board approved the reverse stock split at a ratio of 1-for-25 pursuant to authorization by shareholders at a special meeting of shareholders on September 30, 2014.
When the reverse stock split became effective, every twenty (25) shares of common stock outstanding automatically combined into one (1) new share of common stock with no change in par value per share. This will reduce the number of shares outstanding from approximately One Hundred and Sixty Million (160,000,000) shares to Six Million Four Hundred Thousand (6.400,000) million. In addition to the share consolidation Forty Four Million (44,000,000) pre-split common shares will be returned to Treasury, as the transaction originating the share issuance some years ago, was not completed. The Company's common stock will continue to trade on the Over the Counter Bulletin Board under the symbol "CSCED" for the next twenty business days. New common share purchases post-split, will be issued under CUSIP number 147270201 and trading will resume under the symbol CSCD after that date.
No fractional shares of Common Stock will be issued as the result of the Reverse Split. Instead, the Company will issue to the stockholders one additional share of Common Stock for each fractional share.
The Company is also continuing with its planned acquisition of Nano Tech West, Inc. a Nevada Corporation that has acquired the American (North South and Central) rights to the Nano Technology that utilizes Programmable Nanos. At this time the company is working with interested parties to apply the technology in a variety of environmental studies, with a view to remove toxic materials from mine tailings and also the oil and gas industry.
The Company believes that these corporate actions could increase the profile of the Company for private investment, acquisitions and other future opportunities that may become available. At this time, there are no agreements or arrangements to engage in any corporate transactions that would require the issuance of additional securities made available, pursuant to this proposal.
Holders of shares of common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse split, and will see the impact of the reverse split automatically reflected in their accounts. Beneficial holders may contact their bank, broker or nominee for more information.
For those shareholders who hold physical stock certificates, you may contact either now or at a later date contact the Company's transfer agent Empire Stock Transfer to receive instructions for exchanging those certificates for new certificates representing the post-split number of shares. Empire Stock Transfer can be reached at 702-818-5898.
The company is attending to removal of the cease trade order for Canadian investors issued recently by the BC Securities Commission. In order to meet Canadian disclosure requirements, the Company will require completion of an audit of the March 31 2014 financials, recently posted on the OTC markets site and through SEDAR. Joseph Gallo, BBA, CGA has been appointed as Chief Financial Officer effective immediately, with a priority action plan to restate the financial reporting to reflect full disclosure under Canadian GAAP, and other requirements.
Robert Hughes, President
May 8, 2015
ORWARD-LOOKING DISCLAIMER
"Safe Harbor" Statement: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.