McKenzie Bay International Ltd (MKBY) and Clean Green Energy (CGE) have announced that the companies have signed a definitive agreement to merge. This finalised deal follows the companies' Letter of Intent signed in October 2014.
The companies said they expect their merger will be completed in two phases within the next 90 days. By January 31 the companies will functionally merge, with CGE being acquired by MKBY. A new leadership board will be enacted, with Bryan Zaplitny assuming the role of President/CEO. The second phase will be completed by February 28, with the 1-for-25 reverse stock split and name change happening at this time. Additionally, the authorized limit of MKBY shares will be reduced from the current 300 million to 90 million shares. McKenzie Bay is an energy technology holding company focused on the acquisition of exclusive rights to renewable energy technologies. CGE Energy is an energy solutions provider headquartered in Brighton, Michigan, USA