Diversified Energy Holdings, Inc.July 24, 2013 3:21 PM
- SCOTTSDALE, AZ--(Marketwired - Jul 24, 2013) - Algae Farm (USA), Inc. (OTC Pink: ALGFD) announced today that it had completed a reorganization with a merger and changed the name to Diversified Energy Holdings, Inc. For the next 20 days the trading symbol will be ALGFD. The details of the transaction and related activities are as follows: The Company effected a reverse split of 1 share for each 100 shares of the old Algae Farm held with a rounding up of all fractional shares. The Company merged with Diversified Oil & Gas, Inc. and changed its name to Diversified Energy Holdings, Inc. The president/CEO and sole director, Richard Berman, resigned and is no longer affiliated with the company. At the same time the Company divested itself of any assets or liabilities related to the algae biodiesel products. The Company is based in Scottsdale, Arizona.
The Company reduced its authorized common shares to 250,000,000 with a par value of $0.001 per share. As a result of the merger the outstanding shares of ALGFD have been reduced to 22,817,446 of which 1,308,997 are in the public float. Approximately 77.8% of the outstanding shares are held directly and indirectly by directors and management.
James Marshall and Thomas Cali were previously President/CEO and Chairman of Diversified Oil & Gas, Inc. and were appointed to those same positions with Diversified Energy Holdings, Inc.
We are encouraged by the improvements in the oil and gas sector within the United States and intend to devote our efforts in the area. To the end the Company intends to acquire a number of existing oil and gas wells in the United States and drill additional wells as appropriate. We hope to close on the first group of wells within 30 days.
In addition to efforts to close on the identified oil and gas properties the Company will also immediately work to bring its public information current on the USOTC market to give our shareholders and the public up-to-date information.
We expect to bring up our website DIENHO.COM within the next few days, please check there for additional information and updates.
SAFE HARBOR: Certain information included herein may contain statements that are forward looking, such as statements relating to plan for expansion and other business development activities. Such forward-looking information is subject to changes and variations which are not reasonably predictable and which could significantly affect future results.
Diversified Energy Holdings, Inc.