Alaska Pacific Energy Corp. Updates Shareholders on Pending Milestones Company extends closing date of ENTEC acquisition, files second quarter financials, and makes progress toward CNSX listing
CARLSBAD, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Alaska Pacific Energy Corp. (OTC Bulletin Board: ASKE) a publicly traded oil and gas exploration and technology company, today announced that the Company has filed its financial results for three and six month periods ended July 31, 2010 with the U.S. Securities and Exchange Commission, and has made progress on several, pending development milestones.
In early June 2010, the Company announced that it had entered into a purchase agreement to acquire all the outstanding shares and assets of Engineering Technology, Inc. ("Entec"), a Calgary-based private company in exchange for $7 million in cash, and 12 million shares of common stock. The acquisition was initially expected to close on or before August 31, 2010. The due diligence process has taken longer than expected, and the Company has been granted an extension to close on this purchase Agreement to October 31, 2010. Also, the terms of the purchase agreement now call for the Company to issue Entec a convertible debenture comprised of 27 million shares, which include the 12 million shares under the initial purchase agreement and 15 million shares of the Company's common stock that were previously issued to Entec under a separate, previously-announced licensing Agreement.
The Company is also in the process of finalizing the required documents for a listing on the Canadian National Stock Exchange (CNSX). The Company expects to receive a listing on the CNSX by the end of 2010.
"We are very pleased with the progress we have made toward closing the Entec acquisition and gaining a listing on the CNSX," said Jim King, Sr., Chairman and President of Alaska Pacific Energy Corp. "The Company is also finalizing plans to meet with a group of international executives to discuss business opportunities abroad for Entec's wide range of engineering services."
About Alaska Pacific Energy Corp.
Alaska Pacific Energy Corp. (APEC) is an emerging company that is pursuing the acquisition, exploration, and development of opportunities within the Alberta Oil Sands along with complimentary conventional (described as typical rock formations targeted as suitable for oil and gas recovery) and non-conventional (described as rock formations historically difficult for oil and gas recovery i.e. shales and other 'tight' formations) oil and gas properties in North America. Founded in 2005, APEC is a public company listed on the OTC Bulletin Board in the USA (OTCBB ASKE). For more information, visit http://alaskapacificenergy.com/.
Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.
Jim King Sr.
SOURCE Alaska Pacific Energy Corp.