CGE Energy News Release
October 11, 2022
CGE Energy Announces Revised Go-Forward Plan with Aradatum
CGE Energy, Inc. (OTC: CGEI) is pleased to announce that yesterday its Board of Directors unanimously approved a revised go-forward plan for its wholly-owned subsidiary, Aradatum, Inc. – continuing acceleration of the development and promotion of the world’s first self-powered macro cell tower. After further discussion with its legal and financial consultants, CGE determined to delay immediate plans to merge CGE into a subsidiary of Aradatum, and instead to move forward with activities designed to enhance Aradatum’s operations.
To that end, CGE’s Board of Directors elected a new board for Aradatum, comprised of: Bruce Bruinsma, Bryan Zaplitny, Craig Hancock, Gary Westerholm, Harold Telners, Kevin Cook, Larry Leete, Mark Cecil, Michael Pollakowsi, Paul Schneider, and William Naubert. In addition, Bryan Zaplitny was affirmed as Chairman of Aradatum’s Board of Directors and CEO, with Larry Leete affirmed as President, Jason Abel as Chief Operating Officer and General Council, and Paul Schneider as Secretary.
In addition, consistent with its long-term strategic plan, including focusing primarily on the operational and investment activity of Aradatum, CGE confirmed that it will no longer be supporting the OTC Pink market, which the Company does not consider placing an accurate valuation on Aradatum. The Company has determined that continued listing on OTC Pink market is not in the best interest of the Company and its shareholders. CGE will continue to explore alternative options to the OTC Pink market in the future as well as update shareholders of revised merger timing.
