Last month, WENR announced its intention to acquire 100 percent of Global Image Technologies, located in Ft. Collins, Colorado. G I Tech is an Internet / e-commerce business originator and an Internet sales agent for manufacturers. As a result of the shareholders' meeting, WENR is in the process of amending its articles of incorporation, preparing final agreements and expects to close by the 14th of April.
WENR also announced its intentions of offering a limited $1 million Private Placement of common shares and warrants to accredited investors.
In a separate action, WENR's Board of Directors authorized five-year executive management employment contracts for Richard Hagman and Dan Green. Both are responsible for identifying growth opportunities for WENR, managing acquired companies, and creating value for shareholders.
Over the next few months, Hagman and Green will raise needed capital for growth of acquired companies and establish a corporate organization able to manage anticipated corporate growth through acquisition.
Last, as reported in its February 28, 2000 press release, WENR is preparing to file a SEC Form 10SB and will become for the first time in its 22-year history a fully reporting company. The deadline for filing the Form 10SB is May 17. WENR expects to file its FORM 10SB in April. WENR stock is likely to trade on the National Quotation Bureau during the 4 to 5 month review period. WENR expects to continue its acquisition program during this period and to resume trading on the OTC Bulletin Board following the effective date of the Form 10SB.
WENR Corp. is headquartered in Los Angeles and maintains an office in the Denver Technology Center, Englewood, Colorado. Contacts of WENR Corp.; Richard Hagman, CEO, (303) 771-6601; rhagman@msn.com, Dan Green, President, (310) 337-0998; dgreen@wenr.net
Disclaimer
This news release contains information that is ``forward-looking'' in that it describes events and conditions, which WENR Corp. reasonably expects to occur in the future. Expectations for the future performance of the business of WENR is dependent on a number of factors, and there can be no assurance that WENR will achieve the results as contemplated herein. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks including the possibility that the described activities will not be completed.
SOURCE: Western Energy, Inc.