Native American Energy Group Announces Dismissal of Lawsuit
January 31 2012 - 11:37AM
Marketwired
Native American Energy Group, Inc. (OTCQB:
NAGP) (PINKSHEETS: NAGP) (the "Company" and "NAGP") today announced
the dismissal of the lawsuit, with prejudice, filed in March 2010
by the putative investors in NAEG Founders Holding Corporation
("Founders' Investors") against the Company and certain of its
officers and directors.
On January 27, 2012, the parties agreed to amend the
confidential settlement agreement and mutual release originally
entered into by the parties on November 29, 2010 (as amended, the
"Settlement Agreement"). The Settlement Agreement provided for the
dismissal of the lawsuit, with prejudice, meaning the lawsuit
cannot be brought again provided the terms of the Settlement
Agreement, as amended, are fulfilled. A Notice of Voluntary
Dismissal with Prejudice was filed by the Plaintiffs' counsel with
the Court on January 30, 2012.
Raj Nanvaan, NAGP's Chief Financial & Operations Officer,
stated, "We are pleased to have arrived at an amenable settlement
with the Founders' Investors that squarely aligns our common
interests in NAGP's promising future, and we hope to count them
among our Company's supporters as we move forward. Building
enduring value for our shareholders has and will remain the
cornerstone of NAGP's growth platform and central to our mission.
It is why we have fought against seemingly all odds and worked
extremely long hard hours to protect what we have built at Native
America Energy Group."
Pursuant to the terms and conditions of the Settlement
Agreement, NAGP has agreed to issue to the Founders' Investors an
aggregate of 606,756 shares of the Company's common stock in
addition to the 1,738,750 shares already held in escrow (together,
the "Settlement Shares"). NAGP has further agreed that within 30
days of the removal of the global lock by the Depository Trust and
Clearing Corporation (the "DTC"), the Company will also issue to
each of the Founders' Investors individual warrants. The term of
the warrants shall be for two years from the date of the removal of
the DTC global lock and shall be for the purchase of a number of
shares of the Company's common stock equal to the number of
Settlement Shares received by that Founders' Investor with an
exercise price of $0.70 per share. As of January 27, 2012, the
DTC's global lock was still in place on NAGP's common stock,
meaning NAGP stock cannot trade electronically but only by paper
stock certificates. The Company is continuing to communicate with
the DTC in an effort to satisfy any concerns they may have for the
removal of the global lock.
For more detailed information about the dismissal of the
lawsuit, please refer to the Form 8-K filed today with the U.S.
Securities and Exchange Commission.
About Native American Energy Group, Inc.
Native American Energy Group, Inc. is a New York-based, energy
resource development and management company with three principal
projects: development and management of its oil & gas interests
and operations in the Williston Basin, Montana; development of
coal-bed methane natural gas ("CBM") in the Cook Inlet Basin in
Alaska; and planned implementation of vertical-axis wind turbine
power generation technology for the production of clean,
cost-efficient green energy throughout the USA, including Alaska
and on all U.S. Native American tribal lands. For more information,
please visit www.nativeamericanenergy.com or
email NAGP@efcg.net.
Forward-Looking Statements This release,
(as well as media publications and videos accessible on our website
and youtube page: www.youtube.com/nativeamericanenergy) includes
"forward-looking statements" as defined by the SEC. Any statements
in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties.
Words such as "estimate," "expect," "would," "target," "goal,"
"potential," and forms of those words and others indicate
forward-looking statements. These statements are based on certain
assumptions made by the Company based on management's experience
and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. Further information on our business, including
important factors which could affect actual results are discussed
in the Company's filings with the SEC, including its Annual Report
on Form 10-K under the headings "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations."
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FOR ADDITIONAL INFORMATION, PLEASE CONTACT: Elite Financial
Communications Group, LLC Dodi Handy President and CEO
(Twitter: dodihandy) For Media: Kathy Addison COO (Twitter:
kathyaddison) (407) 585-1080 via email at Email Contact