Alternative Energy Partners, Inc. cancelled the acquisition of SK3 Group Inc. from Healthcare of Today, Inc. and others.
June 04, 2014 at 12:00 am EDT
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Alternative Energy Partners, Inc. (OTCBB:AEGY) agreed in principle to acquire SK3 Group Inc. (OTCPK:SKTO) from Healthcare of Today, Inc. and others on March 4, 2014. The final exchange rate for the common shares of AEGY and SKTO will be based on the volume weighted average market value of each company on the record date, which has not yet been determined. The previously announced dividend of the 100 million shares of Alternative Energy Partners held by SK3 Group Inc. will be accounted for in the merger by treating those shares as held proportionately by the SK3 Group Inc. shareholders as of the record date. As a result of the merger, the Boards of Directors of the two companies will be restructured and combined into a new Board of Directors in the surviving holding company. The merger agreement is expected to be signed within the next 30 days. Shareholders of each constituent party to the merger will receive shares of the new holding company, which will succeed to the SEC reporting obligation of Alternative Energy Partners and which will apply for a new trading symbol, a new CUSIP number, and continued electronic trading status with the Depository Trust Company.
As on April 3, 2014, Alternative Energy Partners, Inc. entered into an agreement and plan of merger to acquire SK3 Group Inc. Closing of the merger will require the new company to register the shares to be issued in the merger to the shareholders of both Alternative Energy Partners and SK3 Group. As on April 3, 2014, the Board of Directors of Alternative Energy Partners and SK3 Group approved the transaction and recommended that the stockholders of Alternative Energy Partners approve the merger. The transaction is subject to regulatory approval, termination of Alternative Energy Partners employment and consulting agreements, approval from shareholders of Alternative Energy Partners and SK3 Group.
Alternative Energy Partners, Inc. (OTCBB:AEGY) cancelled the acquisition of SK3 Group Inc. (OTCPK:SKTO) from Healthcare of Today, Inc. and others on June 4, 2014.
Alternative Energy Partners, Inc. (AEGY) is a development stage holding company. The Company operates with its subsidiary, Clarrix Energy, LLC, in the business of energy production and management. The Company is engaged in providing support services for medical marijuana. Ethanol was its initial intended product and it intends to establish other alternative energy products and service which includes solar-thermal energy production, energy management control. In May, 2012, the Company acquired Clarrix Energy. The Company acquired the PharmaJanes. The Company also acquired Simple Prepay merchant payment solution from iEquity Corp. The Simple Prepay system was developed to offer dispensaries, collectives, and delivery services for medical cannabis. Combined with the PharmaJanes on-line and smart phone ordering platform, medical marijuana patients will be able to order, process and pay for their authorized needs.
ALTERNATIVE ENERGY PARTNERS, INC. 
