They don't control the company, nor do they intend to influence the companies activities as far as I can tell. From the press release:
"... the Board approved (1) a resolution that the Company's 41% ownership of American Bio-Clean, Inc., (ABC) be carried on the books and records of the company as investment only, and not as an affiliated entity or a subsidiary..."
If you read further down:
"...In further actions, the Board ratified the previous sale of American Bio-Tech Cleaning, Inc. (ABT) to ACT Clean Technologies, Inc. for preferred stock of ACT, to be issued and held by the Company's legal counsel, in trust, for the benefit of the stockholders of Bio-Clean International, Inc. Additionally, for this Company's uncontested permission for the use of the name "Bio- Clean", the Board ratified the agreement to accept from Bio-Clean, Inc. three million (3,000,000) shares of common stock of Bio-Clean Inc., also to be held by the Company's legal counsel, in trust, for the benefit of the stockholders of Bio-Clean International, Inc.. Other ratification actions included the cancelation of the private placement contracts announced in November in the amount of $300,000 with only $50,000 of that amount received in December, 2009."
That sounds like they've sold some of their intellectual property and use of the name and they're holding preferred stock of ACLH as compensation. I couldn't find any reference to the private placement contracts anywhere else.
Anyone have any thoughts?
AI
