C2E Energy, Inc (OOGI)

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Odyssey Acquires Clean Coal Company in Merger
Posted August 26, 2010 4:30PM PST

Odyssey Oil & Energy acquired C2E International, which says it has technology and rights to produce fuel from coal that has zero emissions.

C2E issued 51.5 million shares of restricted stock to Interco Holdings.

Odyssey increased its authorized shares to 1 billion common shares and 20 million preferred shares. It will perform a six-to-one reverse split in September.

After the split, the company will issue 600 million shares to the sellers of C2E.

As a condition of the deal, both Arthur Johnson and Nick Theunissen resigned from their management posts but will remain directors at the company.

Odyssey originally sold fitness equipment, but later acquired a medical devices business. It sold off the medical device operations for oil and gas leases in Texas and later acquired a South African biofuel operation. The company plans to continue to expand its "green" energy business.

Stock in the company closed at 1.7 cents on Wednesday.