Eco Ventures Plans 100% Upfront Acquisition of Energiepark Suptitz
GROVELAND, Fla., Oct. 8, 2012 /PRNewswire/ — Eco Ventures Group, Inc. (OTCBB: EVGI), an emerging producer of diversified sustainable alternative energy and resources, today announced that Energiepark Supitz GmbH (“EPS”) has granted the Company the right to acquire 100 percent ownership of EPS in a single closing transaction. EVGI reported in an August 7, 8-K filing its Definitive Agreement to acquire 75 percent of EPS initially.
Under the terms of that original August Definitive Agreement, EVGI will acquire 75 percent of EPS in exchange for EVGI shares which, upon issuance, will constitute 11.4 million shares of EVGI common stock, and cash consideration of $3 million to be provided to EPS as working capital. EVGI has the option to acquire the remaining 25 percent of EPS at a price equal to 25 percent of the net value of the combined companies.
Under the terms of today’s “100 percent” acquisition amendment, EPS is prepared to allow EVGI to acquire 100 percent of EPS and close entirely in exchange for: 1) An additional 3.6 million shares paid to the selling shareholders/management; 2) Raising $10 million, of which $7 million will be invested into EPS, and $3 million into EVGI U.S. operations, as working capital.
Mark Cox, EVGI President, said, “Based on the major new business initiatives actively under development at both companies, as well as EPS’ record first-half of 2012 results and its positive outlook for the next three years, the value created by fully combining the two companies from the start is increasingly compelling.
“Following our presentation last month at the National Investment Banking Association (NIBA) Conference in New York, as well as our conversations with numerous alternative energy sector fund managers,” Mr. Cox said, “we have received a number of indications of interest in the transaction. Accordingly, we plan to close the 100 percent acquisition of EPS with financing terms we can be confident ensures a highly accretive transaction immediately as well as in the years ahead.”
Upon closing the 100 percent EPS acquisition, as it stands now EVGI would have approximately 41 million shares issued and outstanding, fully diluted. Several of the documents presented to investment bankers and fund managers are publicly available on the Company’s website Investor’s page at: http://is.gd/R5fQWB.
About Eco Ventures Group
Eco Ventures Group, Inc. (“EVGI”) is both acquiring and developing a portfolio of ecologically friendly businesses to provide renewable energy and related feedstock (www.ecoventuresgroup.com).
EPS is a diversified alternative energy feedstock, transportation, heat & solar power production company with approximately 50 employees — whose primary business is the production, processing and brokering of alternative energy feedstocks including rapeseed, palm oil and wood. The acquisition combines two renewable energy companies whose technology, bio fuel and grid-tied energy products will create a diversified international platform with important operating synergies.
Safe Harbor Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: EVGI encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by Eco Ventures Group, Inc. that are not purely historical are forward-looking within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s expectations, hopes, intentions, and strategies for the future to include all those of its intended acquisition of Energiepark Suptitz, GmbH. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company’s business prospects and performance. The company’s actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company’s filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Eco Ventures Group, Inc.
7432 E. Highway 50, Suite 101
Groveland FL 34736
Phone: (352) 557-4830
Tel: (561) 989-3600
SOURCE Eco Ventures Group, Inc.