WEST PALM BEACH, Fla., Feb. 23, 2016 (GLOBE NEWSWIRE) -- Alliance BioEnergy Plus, Inc. (OTCQB:ALLM) (the "Company"), is pleased to announce that in a regularly scheduled meeting of the Board of Directors February 22, 2016 a plan was approved to merge privately held AMG Energy Solutions (“Solutions”) into wholly owned Company subsidiary AMG Renewables (“Renewables”) and to acquire all remaining outstanding ownership interest in AMG Energy Group (“Group”) (the “Merger Plan”). The Merger Plan will give the Company 100% ownership of Group, which holds the exclusive license to the patented CTS technology in North America and Africa and owns 50% of Carbolosic, LLC, a company that holds the master license to the patented CTS technology.
Currently the Company owns just 51% of Group under wholly owned subsidiary Renewables, which it acquired in a stock swap and promissory note transaction in December of 2013. The details of the Merger Plan will be worked out over the next few weeks and will include a stock swap with the shareholders of Solutions and forgiveness of the original debt as part of the 51% acquisition, back in 2013. The exact details will be disclosed and released once finalized.
Once the Merger Plan is complete Company wholly owned subsidiaries Renewables and Group will merge leaving only AMG Energy Group as the operational subsidiary of the Company. AMG Energy Group owns 100% of Ek Laboratories, LLC and the CTS pilot facility, located in Longwood, Florida along with the aforementioned exclusive territories and Carbolisic, LLC.
Alliance BioEnergy +, Inc. (“ALLM”) (OTCQB:ALLM), is a publicly traded company focusing on “Green” energy and renewable technologies. ALLM’s subsidiaries focus on emerging technologies in the renewable energy, bio-fuels and new technologies sectors. ALLM owns a fifty percent interest in Carbolosic, LLC, and the exclusive rights to North America (including Canada, U.S. and Mexico) and Africa. Carbolosic holds the exclusive, worldwide license to the patented mechanical/chemical technology, “CTS™” developed by the University of Central Florida. The CTS Cellulose Ethanol technology is able to produce a high quality clean burning Ethanol from virtually any plant material cheaper, quicker and without any hazardous inputs.
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Alliance BioEnergy Plus, Inc. actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Alliance Media Group Holdings, Inc’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
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Source:Alliance BioEnergy Plus, Inc.