MMEX Merger News:
Management Energy, Inc. Plans to Merge With Maple Carpenter Creek Holdings Inc.; Significant Coal Assets to Meet Demands of Chin
Date : 09/16/2010 @ 8:02AM
Source : MarketWire
Stock : Management Energy, Inc. (MMEX)
Quote : 0.25 0.0 (0.00%) @ 8:02AM
Management Energy, Inc. Plans to Merge With Maple Carpenter Creek Holdings Inc.; Significant Coal Assets to Meet Demands of Chin
Management Energy (BB) (OTCBB:MMEX)
Intraday Stock Chart
Today : Thursday 16 September 2010
Management Energy, Inc. -- (OTCBB: MMEX) an exploration stage coal company, announced today that it has signed a non-binding term sheet to merge with Maple Carpenter Creek Holdings, Inc. and acquire significant coal assets strategically located for the thermal and metallurgical coal markets of Asia.
Maple Carpenter Creek Holdings, Inc., which is based in Texas, develops both thermal and metallurgical coal projects in the U.S. and Colombia.
In the transaction, Management Energy would issue to the owners of Maple Carpenter Creek Holdings 62,737,500 shares of common stock at closing and an additional 20,912,500 shares of common stock to vest on certain milestones to be defined in definitive transaction documents.
The merger is expected to close in October of this year. The transaction is subject to a number of conditions, including, but not limited to, execution of definitive agreements, a minimum amount of equity financing totaling $750,000 and approval of the transaction by Management Energy, Inc. and Maple Carpenter Creek Holdings Board of Directors and stockholders. Accordingly, there can be no assurances that the merger will be completed.
Maple Carpenter Creek Holdings' CEO Jack Hanks commented: "This gives us a huge advantage in what we think is the coal-rush. The transaction would give the combined company control of the surface rights of an estimated 345 million tons and the mineral rights of an estimated 83 million tons of thermal coal in the U.S. and an estimated 50 million tons of high quality metallurgical coal in Colombia. We have invested over $10 million in our projects and successful development would allow us to step up as a significant player in meeting the demand for coal in fast growing, leading economies such as China and India. Coal is the world's choice for power. The reason is simple: Coal is by far the least expensive and most efficient fuel for electric power generation."
MMEX's CEO David Walters commented, "Maple Carpenter Creek has made a significant investment in the projects and has a management team with a proven track-record of building companies."
About Management Energy, Inc.
Based in San Juan Capistrano, Calif., Management Energy, Inc., an exploration stage company engages in the exploration, extraction, and distribution of coal.
Information About Forward-Looking Statements
This press release contains or incorporates by reference "forward-looking statements" including certain information with respect to plans and strategies of Management Energy, Inc. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes," "suggests," "anticipates," "plans," "expects," and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Management Energy, Inc. operations that could differ materially from those indicated by such forward-looking statements.
Contact Investor Relations:
David Walters
Chief Executive Officer
949-373-7282
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