Sorry but that is not true. Zenergy did a Reverse Acquisition which is different then a reverse merger. Zenergy was a private company that bought this shell by an acquisition which means the old company, management and crew are gone forever. There is a difference between a reverse acquisition and a reverse merger. With a reverse acquisition as Zenergy HAS done here they buy the shell and the old company and old management are gone. With a reverse merger, which Zenergy did NOT do, two (2) companies join and it is both old and new companies. Zenergy did a reverse acquisition to take over this shell as a public trading platform and nothing associated with the old company or the old management exists. Totally new public company and management here now trading under the new ticker ZENG. They could release their financials based on the time they were a private company.
Distinction between Mergers and Acquisitions...
"When one company takes over another and clearly established itself as the new owner, the purchase is called an acquisition. From a legal point of view, the target company ceases to exist, the buyer "swallows" the business and the buyer's stock continues to be traded."
From the PR...
June 23, 2009 10:01 AM Paradigm Tactical Products, Inc. Completes Reverse Acquisition of Zenergy International, Inc. Spearheaded by Robert Luiten Distinguished Chemical Commodity Executive - Marketwire
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