Xynergy Corporation Completes The Acquisition of Corporate Space Power Industries & Electric, Inc.Business Editors BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif.--(BUSINESS WIRE)--April 26, 2002 Xynergy Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : XYNY) announced today that it has signed a definitive agreement to acquire Corporate Space Power Industries & Electric, Inc. Corporate Space Power Industries & Electric (CSPIE) shall operate as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Xynergy Corporation. This represents the first in a series of planned acquisitions in the area of emerging technologies. "We are very excited to have reached an agreement with the shareholders of CSPIE to acquire the company. CSPIE offers exactly the kind of revolutionary technology, and growth potential, that we are continually seeking for Xynergy Corporation and its shareholders," said Raquel Zepeda, President of Xynergy Corporation. "CSPIE is very pleased and excited to be acquired by Xynergy", said Howard A. Foote, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CSPIE. "Signing the acquisition agreement on Earth Day, Xynergy and CSPIE symbolized their commitment to bring environmentally and economically sound energy in abundance to the Earth." The acquisition by Xynergy, a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , will assist CSPIE in facilitating the necessary financing to further develop and launch its solar space power technology system. CSPIE has developed new and revolutionary methods of tapping solar power through space satellite laser transmission. Collecting solar power 24 hours a day, this new technology will provide an environmentally safe and economical source for vast amounts of energy. Ultimately, CSPIE aims to create the first multi-billion watt space power generation system, emitting energy through environmentally friendly laser technology to an earth-based receiver. CSPIE has initiated negotiations with the National Aeronautics and Space Administration National Aeronautics and Space Administration (NASA), civilian agency of the U.S. federal government with the mission of conducting research and developing operational programs in the areas of space exploration, artificial satellites (see satellite, artificial), / Jet Propulsion Laboratory “JPL” redirects here. For other uses, see JPL (disambiguation). Jet Propulsion Laboratory (JPL) is a NASA research center located in the cities of Pasadena and La Cañada Flintridge, near Los Angeles, California, USA. (NASA/JPL) to assist in testing the satellite space power system and confirming its efficacy. Upon completion of contract negotiations, the construction oversight and demonstration of the system will take place at the JPL (language) JPL - JAM Programming Language. facility in Pasadena, CA. This activity is being conducted through the JPL Technology Affiliates Program. In a letter of intent from the director of the Institute of Electrical Engineering of the Chinese Academy of Sciences The Chinese Academy of Sciences (CAS) (Simplified Chinese: 中国科学院; Pinyin: Zhōngguó Kēxuéyuàn), formerly known as Academia Sinica , China has agreed to purchase a power plant system of its own upon completion of the CSPIE's first successful demonstration. China has a special interest due to its environmental problems and growing energy needs. Mr. Foote said, "This technology will have major impact on global energy production and use in the near future." Mr. Foote is the creator of CSPIE's revolutionary solar power innovation, and has been working in space energy transport systems and other innovative technologies since the late 1980's. Mr. Foote holds several patents in the fields of aircraft design and power transmission. A true pioneer in his field, Mr. Foote is considered to be one of the most visionary engineers in wireless power transmission. Xynergy Corporation is a holding company for the following companies: Corporate Space Power Industries, Inc., Raquel of Beverly Hills, Inc., Think Blots greeting cards (www.dementeddiagnosis.com), and Web Marketing Network, Inc. (www.TargetPlanet.com). 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 under the 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: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For more information, call or write to the company at: Xynergy Corporation Raquel Zepeda - President 269 So. Beverly Drive, Suite 938 Beverly Hills, Ca. 90212 Tel (310) 274-0086 Fax (310) 274-0161 Email - Xynergycorp@aol.com |
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