MUSKEGON, MI (PRWEB) August 16, 2012
McKenzie Bay International Ltd. (PINKSHEETS:MKBY) is pleased to announce that it has satisfied its outstanding debt with YA Global Investments LP (YA Global).
The original 2005-2006 financial contracts with YA Global provided $6.5-million in funding to MKBY and were the focus of a lawsuit in 2009 that was settled before going to trial. MKBY’s financial obligations to YA Global are now completely satisfied.
“It has been a long road and a challenging process to get to this point,” said MKBY President/CEO Kevin Cook. “We’ve said from the beginning that our primary goal was to rescue the company from the financial and administrative disarray that it had fallen into and put it on a path towards becoming a healthy and sustainable business, restoring value to McKenzie Bay for our shareholders. This announcement today represents a major step forward in pursuit of that goal.”
Bryan Zaplitny, Clean Green Energy President/CEO, and his CGE team have played a critical role in satisfying YA and the erasure of nearly $15 million in debt since the new Board or Directors was seated in March, 2009. “Their efforts for MKBY’s benefit over the last five years reinforce my belief that CGE will be a great business partner going forward,” said Mr. Cook.
Management is now able to focus on performing its part in the new Business Agreement with CGE announced last week for the commercialization of CGE’s WIND•e20 technology (http://www.winde20turbine.com). The Agreement provides MKBY with multiple one-time and downstream revenue streams as well as being a 5.0% owner in CGE resulting in future shareholder value. CGE has already launched two marketing campaigns “Wind for a Better Community Grant” and “Start Some Good” as they prepare to start manufacturing and distribution nationwide.
Since the numerous monetary and legal hurdles have been resolved, the Company is able to be more forthcoming with timely information about its current fundamentals.
For further information about this release contact, Investor Relations, Rich Kaiser, YES INTERNATIONAL (757) 306-6090, yes(at)yesinternational(dot)com , http://www.mckenziebay.com,
Certain statements made in this press release constitute forward-looking statements and do not guarantee future performance. Actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based solely on the estimates and opinions of management at the time the statements are made.