Excerpt from ECO financial statement. Note the ECO/Patten acquisition paragraphs(incestuous to say the least).
Note that Big-Ern "loaned" AMEL money to Patten to complete the last deal (which, surprisingly failed, and now AMEL has the LOI in lieu of ECO).
Classic.....
Acquisition – Patten Energy, Inc.
On February 12, 2014, the Company entered into a non-binding Memorandum of Understanding (“MOU – Patten”) with Patten Energy, Inc. of Los Angeles, California (“Patten Energy”), whereby the Company will F-31
ECO-PETROLEUM SOLUTIONS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2014, AND 2013
(Unaudited)
acquire 100 percent of the issued and outstanding shares of stock of Patten Energy in exchange for 5,000,000 shares of common stock of the Company. The transaction also calls for the Company to provide $1,000,000 in working capital to Patten Energy, with $500,000 of such amount to be provided at closing, and the remainder within 90 days of the closing. Bridge capital in the amount of $100,000 is to be provided by the Company to Patten Energy upon the completion of the capital formation activities of the Company. In addition, the Company is to provide a revolving line of credit to Patten Energy for the purchase of oil product in the minimum amount of $1,000,000, and not to exceed $2,000,000. Upon the completion of the merger transaction, among other terms and conditions, Patten Energy will become a wholly owned subsidiary of the Company, and a member of management of Patten Energy will remain as President of that entity, enter into an employment agreement with the subsidiary, and become a Director of the Company.
Subsequent to March 31, 2014, the Company, Mr. Jeffrey Gates, a Director and officer of the Company, and Amerilithium Corp. (a corporation of which Mr. Ernest B. Remo is a Director and Interim Chief Executive Officer) provided the funds to loan a total of $36,290 to Patten Energy for working capital purposes. The loan amount is unsecured, non-interest bearing, and has no terms for repayment or offset other than through the closing of the acquisition with Patten Energy, Inc.
As of May 15, 2014, the Company had not closed the merger transaction with Patten Energy.
