News Focus
News Focus

SSP

Followers 642
Posts 44757
Boards Moderated 3
Alias Born 08/02/2000

SSP

Member Level

Re: Mark post# 135

Monday, 12/10/2012 4:39:22 PM

Monday, December 10, 2012 4:39:22 PM

Post# of 43078
This could get interesting, as the reverse split wasn't reflected in the exchange yet, so more shares are trading than available right now:

No RS reported here: http://www.otcbb.com/asp/dividend.asp?sym_id=ENYC

and see bold below

ACQUISITION OF ENERGY CONSERVATION TECHNOLOGIES, INC
On July 1, 2011 Energy Conservation Technologies, Inc. (ENYC) completed a share exchange agreement (“SEA”) to exchange ENYC shares for 100 % of the common shares of ABCO.

The Company has accounted for this transaction utilizing the purchase method as directed in SFAS 141 and FASB Statement No. 38. This transaction is accounted for as a reverse merger effective July 1, 2011

ENYC did not have sales or operations since 2009 but maintained a significant group of assets including the inventory listed in the table of consolidation assets in table below.

The principle reason for the SEA on the part of the acquirer, ABCO, was to become a publicly traded entity for access to the capital markets. The principle reason for ENYC agreeing to the SEA was to provide sales and operations in their development stage entity which had never had significant sales transactions.
Even though ENYC is the survivor and all aspects of the entity are intact, the control of ENYC is now in the hands of the management and majority shareholders of ABCO

As a result of the SEA, the outstanding shares of ENYC as of June 30, 2011 were restated in a one for twenty three (1 for 23) reverse division prior to the exchange to approximately 9% of the post exchange outstanding common shares... As a result of the reverse division there of all pre-acquisition shares of ENYC were cancelled and reissued as post reverse shares. Prior ENYC shareholders retained 1,375,730 shares or 9% of the post division shares. ABCO stockholders received 13,957,708 shares, 91% of the post division shares.

WHERE YOU CAN FIND US
Our principal executive office is located at 1000 E. Fort Lowell Road, Tucson, Arizona 85719. Phone: 520-777-0511. Our Internet address is http://www.abcosolar.com. Information contained on, or accessed through our website is not intended to constitute and shall not be deemed to constitute part of this Offering Circular.

Discover What Traders Are Watching

Explore small cap ideas before they hit the headlines.

Join Today