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smartbiz85

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Alias Born 08/23/2003

smartbiz85

Re: None

Friday, 10/08/2004 3:50:57 PM

Friday, October 08, 2004 3:50:57 PM

Post# of 109
Consolidated Energy Announces Completion of Funding Agreement With London-Based Investment Company

MIAMI, Oct 8, 2004 /PRNewswire-FirstCall via COMTEX/ -- Consolidated Energy & Technology Group, Inc. (OTC Pink Sheets: CGGE) is pleased to announce that it has recently completed an agreement with a London-based investment company for the purchase by the investment company of 4,000,000 of Consolidated Energy common shares in exchange for 4,405,286 ordinary shares of the investment company valued at 1 pounds sterling per share or US$8,000,000 at the closing date exchange rate.
The investment company has been established specifically to invest in US micro cap companies with long-term growth potential and has had its shares admitted to trade on the London Stock Exchange as an investment trust. The value of its shares will fluctuate with the market.

The investment company has entered into a "lock-up" agreement with Consolidated Energy pursuant to which it has agreed not to trade the Consolidated Energy shares it has received as a result of this transaction for a period of two years from the closing date.

Fifty percent of the investment company shares received by Consolidated Energy will be held in escrow for two years following their issuance and in the event the per share market price of the Consolidated Energy common stock at such time is less than $2 the investment company shall be entitled to receive out of escrow a percentage of the shares equal to the percentage of such decline. The remaining shares held in escrow shall be released to Consolidated Energy at such time.

Consolidated Energy is a holding company in the business of acquiring and developing proven technologies which seek to provide sought-after solutions to current environmental problems in our modern world, with special emphasis on alternative energy, waste management and land remediation.

Consolidated Energy intends to manufacture, market, install and maintain products that provide solutions in the waste sector and at the same time use these resources to provide alternative energy and other products.

http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Cpr%5C2004%5C10%5C08...



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