The believers in Blackbird were severely disappointed in the news they got tonight. Not what they expected or led to believe was coming, I guess.
The Company announces that the acquisition of WAVE Electricity Renewable
Power Ocean Ltd (WERPO) has been completed and that a new Board of
Directors and its senior management team has been nominated:
CEO & Director: Daniel Naimi is an expert in hydraulics, electronic control and
computerized systems.
Founder & Director : Shmuel Ovadia is the inventor of the Hydro-Pneumatic
sea wave energy system which was chosen number one in its field by an
independent team of researchers (Peswiki) and previously CEO of SDE Ltd.
WEPRO Operating Company:
CEO : Yigal Shusteri Trained as an electrical engineer, managed a public
company(TVG) on the NASDAQ market and further assisting the development of
energy projects around the world.
V.P. Business Development: Tom Chet Titular of a Masters of Business degree
and previously general manager and international marketing director at SDE Ltd.
V.P. Corporate affairs: Israel Enden Vast experience in Corporate Affairs in the
European and U.S. Market.
John Pedder shall continue acting as president for short period in order to assist in
the in the transition. His role is limited to handling a few remaining outstanding
items which are expected to be completed in the near future. The WERPO team
are appreciative of his contribution in bringing this opportunity to WEPRO and we
wish him well in his new endeavors.
The Company went through a restructuring of the outstanding shares by
completing a reversal of the stock in a ratio of 20:1. The Company decided that
strategically a higher share price would in the long term benefit the existing and
future shareholders. Additionally, the stock price will be more aligned with the
market value of the Company following the acquisition and permits the issue of
500 million restricted common shares required to fulfill the conditions of the
acquisition without accumulating an enormous amount of outstanding shares.
Now that its internal structure is defined, the Board and Company shall issue
regular reports to its shareholders. The Board also apologizes for the delay in
reporting to its shareholders during the resignation and election of the new
officers. All covenants pertaining to the merger have been completed.
Over the next few weeks the Company will release news regarding its current
operations and projects.
