CARLSBAD, Calif., Aug. 2 /PRNewswire-FirstCall/ -- Alaska Pacific Energy Corp. (OTC Bulletin Board: ASKE) ("APEC" or the "Company"), a publicly traded oil and gas exploration and technology company, today issued the following letter to shareholders from the Company's Chairman and President, Jim King, Sr.:
Over the past several months management has undertaken several key initiatives aimed at increasing our exposure to a broader base of investors, generating revenue, and crafting our corporate identity. I am pleased to report that we have made progress on all fronts and are working diligently to create new growth opportunities and additional value for our shareholders.
Several weeks ago, we announced the pending acquisition of Engineering Technology Inc. ("Entec") a Calgary Alberta-based, provider of horizontal directional drilling (HDD) engineering and technology development services to the oil and gas industry. Management believes that Entec's wide range of services will create several high-growth revenue generating opportunities for the Company. Since its inception, Entec has applied advancements in drilling engineering and technology to develop and establish new industry standards resulting in the successful completion of more than 1000 projects worldwide. In May 2009, Entec provided the primary drilling engineering and construction management for a TransCanada Pipeline project that saw a Canadian record 42 inch pipeline successfully drilled under the Peace River in Alberta. We expect to close the Entec acquisition in late August 2010. Upon closing this acquisition, Entec will become a wholly owned subsidiary of the Company.
In order to further extend our footprint across North America, APEC is currently pursuing a listing on the Canadian National Stock Exchange (CNSX). To help us through the listing process, we have retained a Canadian law firm, a Canadian chartered accounting firm, and several experienced consultants. The accounting firm tasked with helping APEC with the listing process in Canada, is also auditing Entec's financial statements as part of the due diligence process for the acquisition.
This additional exposure to the Canadian market, in addition to our current OTCBB-listing in the U.S., will strengthen the Company's shareholder base, and attract new sources for capital. We expect APEC to be listed and fully reporting on the CNSX in the third quarter of 2010.
Alaska Pacific has also hired a public relations firm to develop a new corporate Web site, fact sheets, and other marketing collateral. We are also nearing completion on our all-new business plan that includes a corporate overview, market opportunities with the Entec acquisition, and a forecast of revenue and cash flow through 2013.
If you have any questions, please feel free to contact me directly. On behalf of the Board of Directors of Alaska Pacific Energy Corp., thank you for your continued support and interest in the Company.
Jim King, Sr.
Chairman and President
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 complementary 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. shale's 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).
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.