New York, NY, May 24, 2006 — INSEQ Corp. announced its execution of agreements with GreenShift Corp., INSEQ’s majority shareholder, to acquire GreenShift’s stakes in Sterling Planet Inc., TerraPass Inc., as well as GreenShift’s various pre-revenue clean energy project development companies.
Pursuant to the acquisition agreement, INSEQ agreed to acquire GreenShift’s stakes in Sterling Planet and TerraPass and 100% of the issued and outstanding stock of GreenShift’s newly formed pre-revenue clean energy project development companies, GS Solar Inc., GS Wind Inc., GS Hydro Inc., and GS Wave Inc., in return for 450,000 shares of INSEQ’s Series C Preferred Stock.
These shares are in addition to GreenShift’s existing 80% stake in INSEQ. Shares of INSEQ’s Series C Preferred Stock have a face value of $1.00 per share and are convertible into INSEQ common stock at the rate of $0.01 per common share.
INSEQ will change its name to GS Energy Corp. in conjunction with the closing of this acquisition, which is scheduled for on or before June 30, 2006.
“The acquisition of these clean energy companies marks a shift in INSEQ’s business model to clean energy production and sales,” said Kevin Kreisler, INSEQ’s chairman and CEO. Kreisler said the company intends “to directly develop clean energy production projects, with an emphasis on distributed solar, wind, hydro and wave power projects, and we intend to rely on our existing manufacturing division to provide infrastructure support services for these projects in addition to this division’s current clean technology manufacturing business.”
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