Wednesday September 12, 8:45 am ET WILMINGTON, DE and SANTA ROSA BEACH, FL--(MARKET WIRE)--Sep 12, 2007 -- Perihelion Global (Other OTC:PHGI.PK - News), a development company with interests in natural resources, alternative energies, and advanced communications, today provided an update on the proposed acquisition of Renovo Holdings.
Perihelion has concluded its due diligence phase with Renovo and intends to enter into a definitive purchase agreement. Shareholders of both Perihelion and Renovo should deem the acquisition 'on schedule' and management of both companies remain committed to reaching definitive and binding terms proposed in the initial Letter of Intent. Upon completion of the acquisition, Perihelion intends to move select assets and businesses into the Renovo shell to better maximize their value.
About Perihelion Global:
Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace: Technology, Energy and Communications. Website: http://www.perihelionglobal.com ========================================================= Perihelion Global Announces Letter of Intent to Purchase Control of Renovo Holdings Friday August 3, 4:02 pm ET
CASSELBERRY, Fla. & SANTA ROSA BEACH, Fla.--(BUSINESS WIRE)--Renovo Holdings (OTCBB:RNVO - News), a fully reporting shell company, and Perihelion Global, Inc. (OTC:PHGI - News), a development stage company with interests in natural resources, alternative energies, and advanced communications, announced today that the companies have recently entered into a Letter of Intent for Perihelion Global to purchase control of Renovo.
Management of both companies have recently become aware of the speculation and recent rumors regarding the potential transaction between Perihelion Global and Renovo and issue the following joint statement:
Renovo Holdings and Perihelion Global, Inc. have entered into a "Non-Binding Letter of Intent" for Perihelion Global to purchase control of Renovo Holdings. The parties are currently working to finalize terms of a definitive agreement.
Additional updates will be provided in the future. ============================================================ Perihelion Global Announces Cancellation of Common Stock; Enters Negotiations for OTCBB Shell for Broadcast Division Friday August 3, 8:00 am ET
SANTA ROSA BEACH, FL and WILMINGTON, DE--(MARKET WIRE)--Aug 3, 2007 -- Perihelion Global (Other OTC:PHGI.PK - News), a development company with interests in natural resources, alternative energies, and advanced communications, today announced an initiative to increase shareholder value, the Company will retire 4,600,000 (four million six hundred thousand) shares of outstanding common stock. The shares are to be returned to the Company's transfer agent and cancelled.
Management stated that it will continue to reduce the issued and outstanding shares in its ongoing campaign to enhance the Company's price per share. Management cited its unwavering commitment to the Company's initiative to enhance shareholder value and affect the rise in price per share necessary to facilitate pending and future mergers and acquisitions. On July 23, 2007 the company announced confirmation from the Delaware Secretary of State that the company's lawful and documented authorized shares has been reduced by 98% from 30,200,000,000 to 500,000,000 per the company's board resolution adopted earlier this year.
Additionally, the company is announcing that it has entered negotiations to acquire a 2nd NASDAQ OTCBB shell company for its Broadcast Division subsidiary to merge into. Previously, the company had intended to keep the Broadcast Division Subsidiary listed on the Pink Sheets, while the Biofuel Refinery and Patented Gold Mine properties would up-list to the NASDAQ OTCBB. Management feels that it is in the best interests of the company and its shareholders to have all of its assets and subsidiaries listed on exchanges that have full transparency to the investment public.
"We intend to grow our broadcast division and expand beyond radio to other FCC licensed mediums," stated John H. Beebe, Chairman, President & Chief Executive Officer of Perihelion Global. Added Beebe, "We are excited about our growth and revenue opportunities for our Broadcast Division. We have also listened to the desires of our current shareholders about having greater transparency. We fully concur with our shareholders' desires and are pursuing an additional acquisition of an OTCBB listed company for our Broadcast Division to accomplish this objective." About Perihelion Global: ======================================================== Perihelion Global Executes Letter of Intent to Acquire NASDAQ OTCBB Company Tuesday June 12, 12:55 pm ET
WILMINGTON, DE and SANTA ROSA BEACH, FL--(MARKET WIRE)--Jun 12, 2007 -- Perihelion Global (Other OTC:PHGI.PK - News), a development company with interests in natural resources, alternative energies, and advanced communications, today executed a formal Letter of Intent to acquire a NASDAQ OTCBB shell company. Once the proposed transaction is completed, the company will list its shares under the name Perihelion Global on the NASDAQ OTCBB by virtue of the acquisition.
The Letter of Intent will allow the Perihelion to finalize due diligence on the OTCBB-listed company and complete the required formal Sarbanes-Oxley compliant audits of Perihelion's assets. Perihelion Global has retained an audit firm that has specialized expertise in the field of mining and mining claims, which will enable the company to provide a full, clear, accurate and lawful accounting to the public of its patented gold mine and surrounding claims as well as its other assets.
The proposed transaction is subject to approval of the Board of Directors of both Perihelion Global and the OTCBB-listed entity, as well as majority shareholder consent in both companies. Prior to executing the Letter of Intent the company conducted due diligence on over a dozen different listed companies over the past couple of months.
Perihelion Global Chairman, Chief Executive Officer, and President, John H. Beebe, stated, "We are pleased be able announce that we have entered into a Letter of Intent that will facilitate our orderly transition to the NASDAQ OTCBB. We are following through on our commitments to build Perihelion Global into a fully transparent, high-growth company with maximum returns for our shareholders and have made tremendous progress since the company's inception just 9 1/2 months ago. We have acquired a patented gold mine with certified reserves, filed additional mining claims on approximately 900 surrounding acres, and acquired another 299 acres with active rail service on-site. We have received permits from the State of Utah to start mining and have also been granted an exclusive right of way by the US Department of Interior, Bureau of Land Management to construct, maintain and operate a roadway across federal land to enable access to our patented gold mine and surrounding claims. We have clearly documented all of this to our shareholders by providing access to these documents in the public domain." Adds Beebe, "This past weekend, we began construction of the roads to the mine across federal land. In addition, we are moving forward with the construction of our BioFuel Refinery in Opp, Alabama, and have added key members to our management team. We are also revamping our company's website to better serve our shareholders and provide a cleaner, fresh look for our company. Our company's future is bright, and we feel that the time is right to move to the NASDAQ OTCBB to provide greater transparency for the investing public of what we have and are accomplishing. As always, we will continue to keep our shareholders up to date with new developments on our growth." ========================================================== Perihelion Global Provides Update on OTC:BB Shell Acquisition; Announces Management Change Friday June 1, 10:23 am ET
WILMINGTON, DE and SANTA ROSA BEACH, FL--(MARKET WIRE)--Jun 1, 2007 -- Perihelion Global (Other OTC:PHGI.PK - News), a development company with interests in natural resources, alternative energies, and advanced communications, today provided an update on the previously disclosed transaction to list its common shares on the OTC:BB by virtue of acquiring a fully reporting public shell company.
For the last month, the company has contacted and has been contacted by several interested parties to the proposed transaction. Although Perihelion believes that it has established discussions with credible and 'clean' shell corporations, management stresses that it is essential the process be thorough and it leaves 'no stone unturned' in regards to due diligence required to consummate the transaction.
Perihelion Global Chairman, Chief Executive Officer, and President, John H. Beebe, commented, "We're just as anxious as many of our shareholders are to complete a change of venue to the bulletin board, however we must make the move forward in a fashion that benefits our corporation and its shareholders to the fullest extent. We're looking for very specific profiles -- shells that have extremely limited operating, trading, along with clearly defined ownership history -- essentially, as much 'shrink wrap' as possible. At present, there are two opportunities we believe meet our criteria that we are intensively exploring and conducting Due Diligence on. We believe taking a more methodical approach will extend considerable long-term security to our corporation from recent lessons learned, and we continue to appreciate the patience of our shareholders during the process."
The company also announced that it has accepted the resignation of Dr. Patrick LaRive as Vice President of the corporation. Perihelion wishes Dr. LaRive the best in his future endeavors, and appreciates his prior service to the company. ===================================================== Perihelion Global to Acquire OTC:BB Listing in Proposed Transaction Tuesday May 8, 8:45 am ET
WILMINGTON, DE and SANTA ROSA BEACH, FL--(MARKET WIRE)--May 8, 2007 -- Perihelion Global (Other OTC:PHGI.PK - News), a development company with interests in natural resources, alternative energies, and advanced communications, today announced that the company's Board of Directors has approved, via unanimous consent, a resolution authorizing Perihelion Global to uplist to the NASDAQ Over-the-Counter Bulletin Board (OTC BB:BB.OB - News) by means of an acquisition of a fully reporting shell company.
Background on the Transaction Perihelion Global went public via a reverse merger on the Pinksheets in the 3rd Quarter of 2006, and since that time has moved nearly $1B USD in assets into the corporation. It has become clear to management that in the best interest of Perihelion shareholders, the company should expeditiously move to increase its visibility, liquidity, and corporate transparency by consummating a transaction to have its common shares listed on the NASDAQ OTC:BB. At the close of business on Monday, May 7, Perihelion's market capitalization was a fraction of the corporation's asset value and clearly not representative of the corporation's revenue potential. Proposed Structure of the Transaction Perihelion, through assistance of its executive management, is currently engaged in the due-diligence process with several OTC:BB shell candidates. Management contemplates the purchase will be done primarily with cash and will not result in more than nominal dilution from the existing single-percent equity interests the shell will retain following the transaction. Typically, shell owners retain between 5-7% of the equity post-merger, which would allow existing Perihelion shareholders to control the remaining 93-95% of the new listing.
The company will transfer all of its cash, assets, and businesses into the OTC:BB entity with the exception of the broadcast radio stations which will remain with the current PHGI.PK ticker. In consideration to existing shareholders, management proposes a 1-for-1 'spinoff' of the PHGI.PK Pinksheet listing so that each and every documented shareholder as of the record date will effectively have double their existing shares; one set in the Pinksheet listing containing the broadcast radio stations, and the other in the OTC:BB listing which will contain the patented gold mine and biofuel refinery. Following the completion of the acquisition, the Pinksheet listing will add new management, change its name and will trade as a distinct and separate company. The 'Perihelion Global' name, and all existing management and directors, will be transferred to the OTC:BB listing.
An Example of proposed impact of reverse merger into OTC:BB shell:
Today you have 5,000 shares of PHGI.PK (contains all assets) After the merger, you would have 5,000 shares of PHGI.PK and 5,000 shares of the OTC:BB listing*. * Exact share conversion rate will be determined at the time of completion of the transaction What to Expect After a Completed Transaction When the proposed transaction is completed with a qualified OTC:BB candidate, Perihelion would have the duty to file periodic reports with the Securities & Exchange Commission, including all quarterly and annual reports. The company is confident such reports will clearly outline Perihelion's business plan, strong asset base, and audited revenue/income as applicable. For most shareholders, the transition will be automatic and handled by your brokerage firm electronically. John H. Beebe, Chairman, Chief Executive Officer, and President of Perihelion Global commented, "The company will update shareholders as the process on this initiative moves forward, and on behalf of the Board of Directors and all of the Executive Management, we sincerely thank those shareholders who have remained optimistic and supportive of the company's business plan throughout what has been a difficult tenure on the Pinksheets. We expect to have new information, including details on the OTC:BB company and specific dates regarding completion of the transaction, by the end of the month." ==========================================================
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