DALLAS, Feb. 17, 2015 /PRNewswire/ -- Bayside Corp. (PK:
BYSD) today announced that it has entered into a contractual
agreement with Technis Energy, LTD. (GXG: TECN) to sell off
one-hundred percent (100%) of the common stock of Bayside
Petroleum Company, Inc. a wholly owned subsidiary corporation of
Bayside Corp.
Under the terms of the agreement, Bayside Petroleum Company,
Inc. will become a subsidiary corporation of Technis Energy, LTD.
To continue, Bayside Corp. will receive compensation in the form of
$5,000,000 in Preferred Stock of
Bayside Petroleum Company, Inc. and additional cash consideration.
Furthermore, Common Stock shareholders of Bayside Corp will also
receive a stock dividend of Bayside Petroleum Company, Inc. subject
to the effective date set forth in the final agreement.
Additionally, Bayside Corp's current Chief Executive Officer,
Gordon Johnson has been appointed as
the new President of Technis Energy, LTD. and will oversee the
transition and the registration of Bayside Petroleum Company, Inc.
on the US Over-The-Counter Markets. The effective completion date
for the agreement is expected to take place within the next 30 days
pending final approval of the Technis Energy Board of Directors and
FINRA.
About Bayside
Bayside Corp. is an American multinational corporation that manages
multiple subsidiary companies engaged in a variety of business
industries and sectors. At Bayside Corp. we believe that the future
is now and that our efforts today will have a long lasting impact
for generations to come. For additional information on the Company
visit our website at: http://www.baysidecorp.com
About Technis Energy Limited
Technis Energy is a BritishVirgin Islands oil company that owns and
operates more than 50 oil wells in the USA primarily in East Texas. The East Texas Oil Field is the
one of the largest oil field in the
United States, having more than seven billion barrels of oil
in place, and having produced more than 5.5 billion barrels, or
about 78% of the original oil in place.
http://www.technisenergy.com
Certain statements in this news release constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" All forward-looking statements are
based on Bayside's current expectations, estimates, projections,
beliefs and assumptions based on information available at the time
the statement was made and in light of Bayside's experience and its
perception of historical trends.
The forward-looking statement in this news release includes
reference to: Bayside's ability to execute on its strategy and
deliver strong results on behalf of its shareholders.
Forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties; some that are
similar to other related companies and some that are unique to our
company. Bayside's actual results may differ materially from those
expressed or implied by our forward-looking statements and you are
cautioned not to place undue reliance on them
CONTACT: Bayside Corp.,
info@baysidecorp.com, 800-719-1310
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bayside-corp-announces-the-5000000-sale-of-subsidiary-company-300037118.html
SOURCE Bayside Corp.