CGE Energy Announces the Conversion of Preferred Stock into Common Stock
Company completes important step to strengthen its balance sheet and raise its profile within the investment community
CGE Energy, Inc. (OTCPink: CGEI), a leading energy solutions provider and developer of comprehensive energy projects, announced today that 68,000,000 shares of its Preferred Stock have been converted on a one-for-one basis into shares of its Common Stock. At a special meeting of shareholders held on May 23, 2019, CGE Energy received the approval of shareholders holding approximately 74.45% of its issued and outstanding shares of Common Stock to allow for this conversion.
Immediately prior to the conversion, there were 92,000,000 shares of Common Stock authorized and 100,000,000 shares of Preferred Stock authorized. Immediately after the conversion, 160,000,000 shares of Common Stock were authorized and 32,000,000 shares of Preferred Stock were authorized. As a result, there is no change in total authorized shares.
"The conversion provides us flexibility to use newly converted and issued shares of our common stock to further our business development efforts,” said Chairman of the Board, Gary Westerholm.
CGE Energy is in the process of raising capital with a mid-market, New York-based investment bank.
Bryan Zaplitny, President and Chief Executive Officer of CGE Energy commented, "CGE Energy is well-positioned to continue delivering innovative energy solutions and outstanding value to our customers. We have built a strong sales pipeline, an experienced management team, and a sound financial structure. Along with our Marcum LLP audit and up-list plans, this share conversion is an important step in our efforts to raise additional capital to accelerate our growth."
