New Global Energy, Inc. cancelled the acquisition of Global Energy Technology Group, Inc.
November 20, 2014 at 09:30 am IST
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New Global Energy, Inc. (OTCBB:NGEY) signed a memorandum of understanding to acquire Global Energy Technology Group, Inc. on November 2, 2013. Under the terms of transaction, 100% of Global Energy Technology Group's shares shall be exchanged for common shares of New Global Energy. The surviving Entity will be domiciled in the state of Wyoming. The transaction is subject to approval of shareholders of both New Global Energy and Global Energy Technology.
New Global Energy, Inc. (OTCBB:NGEY) cancelled the acquisition of Global Energy Technology Group, Inc. on November 20, 2014.
New Global Energy, Inc. is a sustainable agricultural and aquaculture company. The Company focuses on the use of advanced technology and farming techniques. It is focused on optimizing internal growth, as well as completing acquisitions of firms, assets and properties in the green market space. The industry segments of interest to it include aquaculture, sustainable agriculture, solar, biofuels and carbon credits. It intends to develop aquaculture, the processes of farming of aquatic organisms such as fish, crustaceans, mollusks, aquatic plants and shrimp and sustainable agriculture, the practice of farming using principles of ecology, the study of relationships between organisms and their environment. It also intends to utilize non-centralized solar panels to produce power for its own use and to feed any excess power into the grid serving local power needs.