Native American Energy Group, Inc. Announces Insider Share Lockup.FOREST HILLS, N.Y. -- Native American Energy Group, Inc. (the "Company" or "NAEG NAEG Nevada Applied Ecology Group ") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Pink Sheets: NVMG) announced today the execution of Share Lockup Agreements lockup agreement A contractual offer of valuable assets or stock made by a takeover target to the suitor deemed most acceptable to management. A lockup agreement tends to discourage unwanted suitors, but it may penalize the target firm's stockholders because for all of its Control Shareholders, Officers, Directors and Management Team. The lockup agreements prevent each officer and director from selling any amount of their shares of NAEG stock for a period of 18 months. Presently, these shareholders combined own an aggregate of 895,000,000 shares of Native American Energy Group stock, representing approximately 73.1% of the current issued and outstanding shares. Chief Financial Officer Raj Nanvaan of NAEG, stated, "We are encouraged by our recent growth and acquisitions and we, as management, are proud to have the opportunity to demonstrate our commitment and confidence in the Company's continuing growth by entering into a voluntary share lockup agreement. It is our responsibility, as the Management Team, to promote pride in ownership and be accountable to the shareholders for the Company's success. Native American Energy is committed to its expansion plan and enhancing its acquisitions, and to the further development of our oil & gas and renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. projects." The Company also announced today, NAEG's IR Department has contacted Pink Sheets in order to correct any deficiencies and remove any unrelated items from the Company Profile on their website. Pinks Sheets will have these updates implemented and effective on their website within two business days, and has sent these changes to each email contact Pink Sheets has listed in its database. In an effort to keep the public aware of the Company's financial activities, NAEG wishes to inform stockholders and the investing public that there are no dramatic changes planned that would affect the current outstanding share structure. The recent forward split of the company's common stock bringing the outstanding share count to 1,224,542,418 has served to increase liquidity, giving the public greater opportunity, as the Company continues to document its progress. Shareholders are reminded that ALL corporate updates will be made solely through official press releases as and when they become available. About Native American Energy Group, Inc. (OTC Pink Sheets:NVMG) http://www.nativeamericanenergy.com/aboutus.htm NAEG's previous achievements can be accessed on the Investor Relations Investor relations The process by which the corporation communicates with its investors. page: http://www.nativeamericanenergy.com/investorrelations.htm Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: This News Release may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of section 27A of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Act of 1933, as amended, and section 21E of the United States Securities & Exchange Act of 1934, as amended, with respect to corporate objectives, projections, estimates, operations, acquisition and development of various interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. |
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