HENDERSON, NV, Jan. 13 /PRNewswire-FirstCall/ - Skybridge Technology Group, Inc. (SKGO) (http://www.skybridgetechgroup.com) management announces that the company had finished its due diligence and the company acquired the USA company Shot in the Gas, Inc. (http://www.shotinthegas.com)
This now paves the way for the merger negotiations with Chinese 'Sanhe'.
SKGO successfully acquired 'Shot in the Gas' for 400 million restricted shares. The company sees this acquisition as relatively inexpensive one as SKGO management sees a great potential for this company in the future.
Shot in the Gas (http://www.shotinthegas.com) sells a fuel additive that cuts the fuel consumption and provides cleaner combustion. Its products are tested, environmentally friendly and EPA registered. They will not harm engines, catalytic converters and oxygen sensors, and will not void vehicle warranties.
Further on the SKGO's mergers news, the successful merger with Shot in the Gas allows SKGO to continue merger negotiations with the Jiangxi Sanhe Science and Technology Co., Ltd (www.sanhetech.com). Sanhe representatives decided that their company would only enter into the business relationship or a merger with SKGO under the condition that SKGO would successfully acquire Shot in the Gas. With the current rising prices of oil and gas, Sanhe management believes that Shot in the Gas has a tremendous upside for SKGO as a whole and will effectively raise the shareholder value.
Jiangxi Sanhe Science and Technology Co., Ltd. is a manufacturer and a distributor valued at about $25 million USD. It occupies about 15,000 sq feet of operating and manufacturing capacities and employs approximately 100 full and part time employees. The candidate manufactures Environmentally Friendly Recyclable "Plastic Wood". The end product is sold as park benches, storage sheds and various outdoor durable gardening utilities etc. (see filing Jan 12, 2010)
The 400 million shares to be issued to Shot in the Gas will be held in escrow pending Shot in the Gas meeting pre determined revenues and targeted goals. This merger is based on the targeted merger companies being able to meet and exceed both management and long-term shareholders' reasonable expectations. The SKGO management works in concert with its preferred shareholders for certain financing as per Pink Sheets filings. The company M&A advisors developed a complex preferred share exchange arrangement which should eliminate any toxic financing and provide a streamlined cashflow for the company to grow and meet its objectives. The result will see SKGO's current (both common and preferred) share structure unchanged and undisturbed after the merger.
In summary, the merged candidate would acquire the preferred shares over time and have an option to convert these preferred shares at a significantly higher strike price than what SKGO is currently trading at. The targeted merger candidates hope to benefit from this merger and increase their revenues and value of the entire organization.
In other company news, the company will name Mike Barbee as Marketing Director and Jeffrey Burns as the Shotinthegas.com president.
Mr. Burns is a proven professional with a successful track record for start up and development and ongoing management of businesses throughout his twenty eight years in business. He has started up and owned businesses that have been successfully sold for substantial profits over the years. The company will also launch a new www.shotinthegas.com website shortly acknowledging its role with SKGO. The other board memberships and directors positions await Sanhe Tech China merger candidate.
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Information in this news release may contain statements about future expectations, plans, prospects or performance of SkyBridge Technology Group Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. SkyBridge Technology Group Inc. cautions you that any forward-looking information provided by or on behalf of SkyBridge Technology Group Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. SkyBridge Technology Group Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond SkyBridge Technology Group Inc.'s control. In addition to those discussed in SkyBridge Technology Group Inc.'s press releases, public filings, and statements by SkyBridge Technology Group Inc.'s management, including, but not limited to, SkyBridge Technology Group Inc.'s estimate of the sufficiency of its existing capital resources, SkyBridge Technology Group Inc.'s ability to raise additional capital to fund future operations, SkyBridge Technology Group Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match SkyBridge Technology Group Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. SkyBridge Technology Group Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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SOURCE SkyBridge Technology Group Inc.