CLYDE HILL, Wash.--(BUSINESS WIRE)--BCO Hydrocarbon Ltd. (OTCBB: BCOZ) (“BCO”), a natural resource exploration company, today announced it has successfully completed its previously announced acquisition of Sauer Energy, Inc. (SEI).
In connection with that transaction, SEI Founder, President and CEO Dieter Sauer has been elected BCO President, Chief Executive Officer and a member of the board of directors. As BCO president, Mr. Sauer succeeds Malcolm Albery who remains a member of the board at this time.
Additionally, as a result of BCO’s acquisition of Sauer Energy and related shareholder transactions, the Company has effected a change of control through which Dieter Sauer now owns approximately 56.2% of BCO’s 70,771,000 shares issued and outstanding.
BCO plans to change the Company’s name and stock ticker symbol next month to reflect its new, primary operating focus on commercialization of SEI’s wind turbine systems and technology. This is anticipated to include raising growth capital which will also serve to broaden its shareholder base.
Dieter Sauer, BCO Hydrocarbon President and Chief Executive Officer, commented on his appointment, “The need for clean, affordable sustainable energy is more compelling today than ever before. Using the power of the wind, and our patented, state of the art technology, our mission is to offer a green and cost effective solution to our growing energy crisis. We are confident that Sauer Energy has the technology, and addresses the right markets at the right time, to do so.”
Under the terms of the transaction, Mr. Sauer contributed to the Company all the shares of SEI, and assigned certain patent rights related to wind turbine technology that he held, to BCO. BCO will operate SEI as a wholly owned subsidiary and support its efforts to commercialize its patented VAWT technology for which it intends to raise additional growth capital. All of BCO’s assets related to its hydrocarbon exploration business were transferred to two former BCO shareholders who also agreed to indemnify BCO against all related liabilities.
About Sauer Energy
Nevada City, California-based SEI is a developmental stage company that designs and produces small, cost-effective wind turbine systems designed to be sold as a kit for roof mounting on an individual home or small building. Utilizing its advanced patented and proprietary technology, SEI’s vertical axis wind turbines (VAWT) are intended for the consumer and small to mid-size enterprise marketplace.
SEI wind turbines are designed to enable its customers to produce their own renewable energy at a low cost per kilowatt hour, save on their utility bills and help the environment. SEI is in the process of commercializing its VAWT product line for manufacturing and distribution into one of the fastest growing segments of the global energy marketplace.
About BCO Hydrocarbon Ltd.
BCO was a developmental stage natural resource exploration company that sought to acquire, explore, and develop natural resource assets. It held the right to acquire a 50 percent working interest in an oil and gas lease in Alberta, Canada, and was seeking additional oil and gas assets to increase its operations. It is now the parent company of SEI.
Forward Looking Statements
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; BCO’s ability to identify, fund, purchase and develop natural resources assets on favorable terms; SEI’s ability to commercialize its wind turbine technology; ability to defend intellectual property; wind turbine material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.