DALLAS, Feb. 23, 2015 /PRNewswire/ -- Bayside Corp.
(OTC: BYSD) today announced the completion of the one hundred
percent (100%) sale of the common stock of Bayside Petroleum
Company, Inc. to Technis Energy, LTD. (GXG: TECN). Bayside
Petroleum Company, Inc. is now a wholly owned subsidiary of Technis
Energy, LTD.
Additionally, consideration for the sale includes $5,000,000 of Preferred Stock of Bayside
Petroleum Company, Inc. and cash consideration. Moreover, Common
Stock shareholders of Bayside Corp. will also receive a stock
dividend of Bayside Petroleum Company, Inc.
To continue, the Bayside Corp. management will be filing a
Corporation Action with FINRA to issue stock dividends as a result
of the sale. The details of the transaction will become available
to the shareholders once FINRA has approved the Corporate
Action.
Further, upon approval of the Corporate Action, and the
appointment of the new Bayside Petroleum Company, Inc. management
team, Bayside Petroleum Company, Inc. will seek to file a
registration statement to initiate the quotation of its Common
Stock on the OTC Bulletin Board.
About Bayside Corp.
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 British Virgin
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-completion-of-5000000-sale-of-subsidiary-company-300039946.html
SOURCE Bayside Corp.