NOV 13, 2014 THEY FILED >>>> SUPPLEMENTAL INFORMATION
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.
