DALLAS--(BUSINESS WIRE)--Freestone Resources, Inc. (“Freestone”) (OTCQB: FSNR) and Dynamis Energy, LLC (“Dynamis”) today announced the formation of a transition team to manage the details of the proposed merger and direct the key operational decisions of the business before the merger is completed. The transition team will be made up of Kevin McNulty, CEO of Dynamis Energy, Michael McGhan, CEO of Freestone Resources, and Jason Bailey, Freestone Resources board member.
The responsibilities of this team will include: working together to meet the filing requirements for the proposed merger, making recommendations to the boards of the two companies regarding potential operational and commercial decisions that would affect the combined entity, helping to form the management structure and team that will run the combined entity, and directing key management decisions that affect Freestone and the Freestone Dynamis Energy Partners (the current joint venture between the two entities) during the interim period between now and the time when the proposed merger is put to shareholder vote.
In addition, the boards of both Freestone and Dynamis have recognized that the merger was not completed before the originally established date of December 31, 2017, and an extension that will allow adequate time to complete the proposed merger will be established.
Kevin McNulty, CEO of Dynamis Energy, said, “This is the first step to developing an overall management plan for the combined companies and for handling key business decisions that face our companies in the interim period. This transition team will insure that we are working in unison toward the shared goal of the merger.”
Michael McGhan, CEO of Freestone Resources, said, “This transition team is just a natural extension of the working relationship we already have with Dynamis, but will strengthen our efforts by putting a formal structure to the important issues that need to be addressed.”
About Freestone Resources, Inc.:
Freestone Resources is a Dallas, Texas based oil and gas technology development company. The continuing goal of the Company is to develop new technologies that allow for the utilization of our vast resources in an environmentally responsible and cost effective way. http://www.freestoneresources.com/
About Dynamis Energy, LLC:
Dynamis is an Eagle, Idaho based technology development company focused on waste management and energy production from solid wastes to provide sustainable economic and environmental benefits, while turning such waste into usable products. As such, Dynamis provides technology to recycle municipal and other solid wastes to produce sustainable economic and environmental benefits, in the form of fixed and mobile waste-to-energy plants. Dynamis has a network of agents worldwide to support the sale of its technology and products. Currently Dynamis has projects in various stages of development in Europe, Asia, South America, the Caribbean, and the US. http://www.dynamisenergy.com
SAFE HARBOR STATEMENTS:
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release and other potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.