LOS ANGELES, CA--(Marketwired - Mar 4, 2014) - Alternative Energy Partners, Inc. (OTCBB: AEGY) (OTCQB: AEGY), doing business as PharmaJanes™, and SK3 Group (OTC Pink: SKTO), doing business as Medical Greens™, announce that their respective Boards of Directors have agreed in principle to merge the two companies for better market efficiencies and to create a single medical marijuana market support company which can qualify for a higher (AMEX, NASDAQ) market listing. "This merger will allow us to recognize scale economies and to coordinate our operations much better," said SKTO President Artemus Mayor. According to AEGY President Mario Barrera: "This merger should also clear up other issues including the pending dividend, name change, and CUSIP change."
Final terms of the merger are still being worked out and a merger agreement is expected to be signed within the next 30 days, but the basic terms of the agreed merger call for SKTO and AEGY to merge into a newly formed holding company which will integrate the separate operations of both companies. Shareholders of each constituent party to the merger will receive shares of the new holding company, which will succeed to the SEC reporting obligation of AEGY and which will apply for a new trading symbol, a new CUSIP number, and continued electronic trading status with the Depository Trust Company. The final exchange rate for the common shares of AEGY and SKTO will be based on the volume weighted average market value of each company on the record date, which has not yet been determined.
