CGE Energy Announces Corporate Restructuring to Emphasize Aradatum Offering

Rhea-AI Summary

CGE Energy, Inc. (OTC: CGEI) announced its plans to merge with a to-be-formed subsidiary of its wholly-owned subsidiary, Aradatum, Inc. This merger aims to support the development of a self-powered macro cell tower system, a groundbreaking product designed to enhance wireless network infrastructure. Upon merger completion, CGE shareholders will receive equivalent shares in Aradatum. The Board of Directors has conditioned merger approval on a tax-free basis, and the proposal will be presented for final approval at the upcoming shareholder meeting.

Positive

• Merger with Aradatum aims to accelerate the development of a revolutionary self-powered macro cell tower system.
• Shareholders will receive equivalent shares in Aradatum, maintaining their investment value.

Negative

• None.

BRIGHTON, Mich, Aug. 15, 2022 (GLOBE NEWSWIRE) -- CGE Energy, Inc. (“CGE”, OTC: CGEI) is pleased to announce that it is proceeding with the next phase of its business plan, focusing upon accelerating the development and promotion of the world’s first self-powered macro cell tower system.

In order to emphasize this unique and revolutionary product, which was created by CGE’s wholly-owned subsidiary – Aradatum, Inc. – and to bring additional value to the Company, the CGE Board of Directors unanimously voted last week to take all actions necessary to effectuate the merger of CGE into a to-be-formed subsidiary of Aradatum.

Following the merger, each of CGE’s shareholders of record will hold an equivalent amount of Aradatum shares to the shares of CGE that they held at the time of the merger. CGE’s Board has conditioned their approval on the merger being made on a tax-free basis, and the merger will be brought before CGE’s shareholders for final approval at the Company’s shareholder meeting.

About CGE Energy, Inc.

CGE Energy, Inc. is a holding company with two wholly owned subsidiaries, Aradatum, Inc. and Clean Green Energy, Inc.

About Aradatum, Inc.

Aradatum is a technology company that created the world’s first self-powered macro cell tower that you can place literally anywhere. Aradatum creates the infrastructure to solve geographic and power challenges caused by the limited reach of next-generation wireless networks. The towers provide secure and instantaneous communication for telecommunications and network infrastructure equipment running advanced applications for 5G, private networks and edge computing. www.aradatum.com

About Clean Green Energy, Inc.

Clean Green Energy, Inc. develops long-term energy projects that solve the unique energy challenges of its commercial, municipal and nonprofit customers. The Company provides both services and products that enable its customers to reduce their energy consumption; lower their upfront, operating and maintenance costs; and generate environmental benefits. www.cgeenergy.com

Press Release Contacts

CGE Energy, Inc.
Paul Schneider, VP Marketing
248-446-1344
pschneider@cgeenergy.com

This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. All forward-looking statements included in this release are based on information available to us on the date hereof and speak only as of the date hereof. We undertake no obligation to update or revise publicly any forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements.

FAQ

What is CGE Energy's recent merger announcement?

CGE Energy announced plans to merge with a subsidiary of Aradatum to develop a self-powered macro cell tower system.

How will the merger affect CGEI shareholders?

CGEI shareholders will receive shares in Aradatum equivalent to their CGEI shares at the time of the merger.

When will CGE Energy's merger be voted on?

The merger will be presented for final approval at the upcoming CGE shareholder meeting.

What is the significance of the self-powered macro cell tower system?

The self-powered macro cell tower system is designed to enhance telecommunications infrastructure and solve geographic power challenges.