Patten Energy Solutions Group Inc (PTTN)

[tonyo524]

The question:

Xander3 Thursday, 07/31/14 10:34:29 AM
Re: PatienceisVirtue post# 5511
Post # of 8519

Good analysis.

How do you think AMEL is paying for this acquisition? I suggested they are doing so through the selling of the 500,000,000 shares or those shares are being given to Ezekial Patten for his business. That's a lot of shares, but if the stock goes to even 50 cent Ezekial has made out like a bandit.

I'm just trying to get some thoughts from someone who deals with numbers and such. I appreciate your willingness to share your opinion.

The answer:

Item 1.01 Entry Into a Material Definitive Agreement

Patten Energy Enterprises, Inc. Share Exchange Agreement

On November 20, 2014, Integrated Energy Solutions, Inc. (“Integrated Energy” or the “Company”) entered into a Share Exchange Agreement (the “Patten Share Exchange”) by and among the Company, Patten Energy Enterprises, Inc., a California corporation (“Patten Energy”), and Ezekial Patten, Jr. (the “Patten Shareholder”), pursuant to which the Company acquired all of the outstanding shares of Patten Energy (the “Patten Shares”) from the Patten Shareholder in exchange for the right to receive 950,000 shares of Series B Convertible Preferred Stock (as defined in Section 3.03 below) of the Company upon the terms and subject to the conditions set forth in the Patten Share Exchange. As additional consideration, upon the Company entering into a credit facility in the amount of at least $700,000, the Company will allocate to Patten Energy certain funds for use as working capital

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