MIDLAND, Mich.--(BUSINESS WIRE)--Cirque Energy, Inc. (OTC Pink: EWRL) today announced that it filed a Definitive Proxy Statement with the U.S. Securities and Exchange Commission (“SEC”) Thursday, May 28, 2015 to convene a Special Meeting of its stockholders on June 10, 2015 in Midland, Michigan. Among various matters to be presented for a vote of the Company’s stockholders at the Special Meeting will be a proposal to increase the Company’s authorized common stock from 300,000,000 shares to 900,000,000 shares. As noted in the Proxy Statement, the Company will use the additional shares to effect the closure of the previously-announced acquisition of Cirque Energy II, LLC and to raise capital for the future growth and expansion of the Company, among other purposes.
Cirque previously announced on October 27, 2014 that it had entered into a $5 million common stock purchase agreement with Kodiak Capital Group, LLC, a Newport Beach, California institutional investor. Cirque agreed to file a registration statement with the SEC covering the shares that may be issued to Kodiak under the terms of the purchase agreement. Upon the SEC declaring the registration statement effective, Cirque will have the right at its sole discretion over a period of one year to sell up to $5 million of common stock under the terms set forth in the agreement.
“We are excited to have reached the point in the growth of our company to receive an investment from a strategic institutional investor like Kodiak. This development represents yet another milestone in the relatively short history of our company,” stated Roger W. Silverthorn, Cirque Energy Chairman, President and Chief Executive Officer. “With the anticipated stockholder approval of the proposed increase in our authorized common shares June 10, the company plans to file a registration statement with the SEC shortly thereafter.”
“We are equally delighted to assist Cirque in providing needed capital as it moves forward with the commercialization of its waste-to-energy technology and its corporate development and acquisition plans,” stated Ryan Hodson, Managing Director of Kodiak.
Additional details regarding the Special Shareholder Meeting are included in a Definitive Proxy Statement filed by Cirque with the SEC Thursday, May 28, 2015.
Additional details regarding the financing agreement between Cirque and Kodiak are included in a current report on Form 8-K filed by Cirque with the SEC Friday, October 24, 2014.
About Cirque Energy, Inc.
As an energy services company, Cirque Energy, Inc. is focused on the generation and delivery of clean energy and energy efficient solutions, including combined heat and power projects, industrial cogeneration, waste-to-energy, biomass, natural gas, and building energy efficiency improvements. Cirque provides these services to a diverse client base, including industrial and commercial customers; municipalities, universities, schools, and hospitals; and federal, state and local clients. For more information, visit www.cirque-energy.com.
About Kodiak Capital Group, LLC
Kodiak is an institutional investor headquartered in Newport Beach, California. Kodiak makes private investments in public and private entities utilizing proprietary equity and debt instruments. These investments provide long-term strategic capital offering companies certainty, flexibility and consistency. Kodiak's investments are in a wide range of industries emphasizing alternative energy, consumer products, life sciences, natural resources, and social media technology. For more information, visit www.kodiakfunds.com.
This release may contain forward-looking statements relating to the business of Cirque. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. These statements involve risks and uncertainties that may cause actual results to differ materially from those anticipated, believed, estimated or expected. These risks and uncertainties are described in detail in our filings with the Securities and Exchange Commission. Forward-looking statements are based on Cirque's current expectations and beliefs concerning future developments and their potential effects on Cirque. There is no assurance that future developments affecting Cirque will be those anticipated by Cirque. Cirque undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.