Mergers & Acquisitions: Clean Power Concepts Buys General Bio Energy
May 6, 2010 (FinancialWire) — Clean Power Concepts Inc. (OTCBB: CPOW) said it has acquired a controlling interest in bio energy products manufacturer General Bio Energy Inc. in a move to expand its operations in the environmentally friendly 'green energy' sector.
Clean Power completed the acquisition of Canada-based GBE through a share exchange agreement in which it acquired 94.8% of the issued and outstanding common shares of GBE in return for issuance of 28,426,612 restricted common shares of Clean Power on a ratio of 18.21 shares of Clean Power for each one share of GBE submitted for exchange.
The exchange provided Clean Power with an operational manufacturing subsidiary, according to the company.
Nevada-based Clean Power Concepts was incorporated in 2005.
GBE was incorporated in Saskatchewan, Canada in 2006 and operates a fully integrated commercial oilseed crushing, bio-diesel refinery, and environmental lubricants manufacturing and bottling, and nutraceutical and food processing plant in Regina, Saskatchewan.
According to Clean Power, GBE’s current plant has a crush capacity of 19.7 million liters of crushed oil annually. Its biodiesel fuel processor can produce up to 20 million liters of biofuel and biofuel additives and the crushing system can produce nearly 32.8 thousand metric tonnes of meal and protein related products for agricultural and aquaculture feedstock annually.
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