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http://reversemerger.dealflowmedia.com/wires/top_wires.cfm#9

Biodiesel Company Raises $225K in Reverse Merger

Posted June 03, 2009 5:33PM PST

Fledgling biodiesel producer Evolution Resources Inc. acquired nearly 90% of shell company BBN Global Consulting Inc. and raised $225,000 in a placement of convertible stock with an accredited investor.

Each share in the Clarksdale, Miss.-based fuel company was converted into the right to receive 15.3 million shares in BBN, a former management consulting company. Another 7.9 million shares were canceled in the May 27 transaction.

The company agreed to file a registration statement with the Securities and Exchange Commission for the stock held by the former shell shareholders within seven days or to be fined $10,000 for each 30-day period thereafter.

The company received $120,000 from the convertible placement at the time of the merger. Another $55,000 will be paid when the registration statement is filed. The last $50,000 will be paid when the statement is declared effective.

BBN Global was registered with the assistance of New York attorney Gary Wolff in 2007 as a business and management consulting company for Chinese and Brazilian companies looking to do business in the U.S.

S. Craig Barton, a former dentist, and Patricia Barton headed up the company for several months before selling 99% of its stock in September 2007 to Harborview Master Fund and Hug Funding for $700,000, according to filings with the SEC.

Harborview and Hug transferred 8 million shares to Hank Cohn, a portfolio manager for the investment fund Galaxy Ventures, as consideration for Cohn serving as the shell's sole officer and director. Harborview and Hug each retained about a 5% stake in the company after issuing almost 8% of the stock to Yonah Shapiro.

Cohn remains a director of Evolution, and continues to hold 25,000 shares. Christopher Chambers, the company's chief financial officer, owns almost 90% of its stock.

Evolution's stock hasn't traded since the merger, but closed on May 26 at 66 cents, listed still as BBN Global.