Market Overview

Freestone Resources and Dynamis Energy Announce Merger Transition Team

Share:

Freestone
Resources, Inc.
("Freestone") (OTCQB: FSNR)
and Dynamis
Energy
, LLC ("Dynamis") today announced the formation of a
transition team to manage the details of the proposed merger and direct
the key operational decisions of the business before the merger is
completed. The transition team will be made up of Kevin McNulty, CEO of
Dynamis Energy, Michael McGhan, CEO of Freestone Resources, and Jason
Bailey, Freestone Resources board member.

The responsibilities of this team will include: working together to meet
the filing requirements for the proposed merger, making recommendations
to the boards of the two companies regarding potential operational and
commercial decisions that would affect the combined entity, helping to
form the management structure and team that will run the combined
entity, and directing key management decisions that affect Freestone and
the Freestone Dynamis Energy Partners (the current joint venture between
the two entities) during the interim period between now and the time
when the proposed merger is put to shareholder vote.

In addition, the boards of both Freestone and Dynamis have recognized
that the merger was not completed before the originally established date
of December 31, 2017, and an extension that will allow adequate time to
complete the proposed merger will be established.

Kevin McNulty, CEO of Dynamis Energy, said, "This is the first step to
developing an overall management plan for the combined companies and for
handling key business decisions that face our companies in the interim
period. This transition team will insure that we are working in unison
toward the shared goal of the merger."

Michael McGhan, CEO of Freestone Resources, said, "This transition team
is just a natural extension of the working relationship we already have
with Dynamis, but will strengthen our efforts by putting a formal
structure to the important issues that need to be addressed."

About Freestone Resources, Inc.:

Freestone Resources is a Dallas, Texas based oil and gas technology
development company. The continuing goal of the Company is to develop
new technologies that allow for the utilization of our vast resources in
an environmentally responsible and cost effective way. http://www.freestoneresources.com/

About Dynamis Energy, LLC:

Dynamis is an Eagle, Idaho based technology development company focused
on waste management and energy production from solid wastes to provide
sustainable economic and environmental benefits, while turning such
waste into usable products. As such, Dynamis provides technology to
recycle municipal and other solid wastes to produce sustainable economic
and environmental benefits, in the form of fixed and mobile
waste-to-energy plants. Dynamis has a network of agents worldwide to
support the sale of its technology and products. Currently Dynamis has
projects in various stages of development in Europe, Asia, South
America, the Caribbean, and the US. http://www.dynamisenergy.com

SAFE HARBOR STATEMENTS:

Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act of
1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are
subject to the safe harbor created by those rules. All statements, other
than statements of fact, included in this release and other potential
future plans and objectives of the company, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements.

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com