(Alliance News) - Zenith Energy on Tuesday said it has acquired Cyber Apps World Inc via a securities purchase agreement with Janbella Group LLC.
The Calgary, Canada-based energy company with production, exploration and development assets in Africa and Europe, said it bought 100,000 series A preferred shares representing 99.9% of Cyber Apps' total voting rights, for USD398,319 in cash.
Zenith said it will rename the newly acquired company and appoint a new board of directors. Zenith will use the company to acquire energy production and development opportunities in the US.
Cyber Apps is an e-commerce internet platform and software developer, and is listed on the US OTC Market's Pink Open Market. Zenith said it intends to "exit" Cyber Apps' software development activity at "the appropriate time".
Chief Executive Andrea Cattaneo said: "We are pleased to have acquired control of a listed company in the US. Our intention is to complete various potential acquisitions currently under review in the US by way of CYAP, as well as attracting investment from North American investors to finance their acquisition and future development.
"We are confident that the value upside presented by a listed company in the US newly pursuing a high-growth acquisition campaign targeting proven, revenue generating energy production assets will resonate with North American investors, and, at the same time, give Zenith shareholders significant exposure to a compelling new growth story."
Zenith shares were unchanged at 0.40 pence per share on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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Zenith Energy (ZEN)