Acro Energy Technologies Corp. Announces Takeover Bid by Lonestar Renewable Technologies Acquisition Corp.

January 23, 2012 3:11 PM EST | Source: Acro Energy Technologies Corp.

Houston, Texas--(Newsfile Corp. - January 23, 2012) - Acro Energy Technologies Corp. (OTC Other: ACRZF) reports that on January 20, 2012, Lonestar Renewable Technologies Acquisition Corp. (“Lonestar Acquisition”) filed with the British Columbia Securities Commission and delivered to the Shareholders of Acro Energy Technologies Corp. (“Acro Energy”) an offer (and circular) to purchase all of the outstanding common shares of Acro Energy including common shares which may become outstanding prior to 5:00 p.m. (Vancouver time) on February 27, 2012, unless extended or withdrawn.

The common shares were formerly listed on the TSX Venture Exchange (the “TSXV”) until November 11, 2011. The CAD $0.04 offer price represents a premium of approximately 38% over the average closing price of CAD $0.029 of the common shares on the TSXV for the 20 trading days prior to November 11, 2011, the last trading day prior to the voluntary delisting of the common shares from the TSXV. Since that time, there has been no public market for the common shares.

Lonestar Acquisition is a British Columbia corporation formed on November 23, 2011 for the purposes of making the Offer. Lonestar Acquisition is a wholly-owned subsidiary of Lonestar Renewable Technologies Corp, a Delaware Corporation. Effective on December 15, 2011 Lonestar Renewable, Lonestar Acquisition, and the Selling Shareholders entered into a Share Exchange Agreement in which the Selling Shareholders sold their Common Shares of Acro Energy to Lonestar Acquisition in return for an equal number of shares in Lonestar Renewable. The Selling Shareholders include the following officers and directors of Acro Energy: Harry J. Fleming, CEO and Director; Brad Kovnat, Vice President of Operations; Douglas Samuelson, Executive Vice President, Corporate Secretary and Director; Jim Havelka, Director; and Thomas O. Foster, III, Director.

Also on January 20, 2012, the Board of Directors of Acro Energy delivered to the Shareholders of Acro Energy its Directors’ Circular in response to the offer by Lonestar Acquisition. The Board of Directors is not making any recommendation with respect to acceptance or rejection of the offer. Shareholders are urged to obtain independent financial and legal advice before responding to the offer.

Shareholders who do not receive documents related to the offer by Lonestar Acquisition in due course or who require assistance may contact:

Olympia Trust Company
Suite 1003, 750 West Pender Street
Vancouver, British Columbia
V6C 2T8
Attention: Corporate Actions

Or

Olympia Trust Company
Suite 2300, 125 – 9th Avenue SE
Calgary, Alberta
T2G 0P6
Attention: Corporate Actions

Toll Free (North America): 1-888-353-3138
Overseas: 1-403-668-884
Facsimile: 1-604-484-8638

E-Mail: corporateactions@olympiatrust.com.

The Lonestar Acquisition offer and accompanying circular, the Directors’ Circular, and related documents may also be accessed on SEDAR at www.sedar.com.

For more information, please visit www.acroenergy.com or email info@acroenergy.com.

This news release may contain “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company assumes no obligation for the accuracy or completeness of those forward looking statements and undertakes no obligation to revise these forward looking statements to reflect subsequent events or circumstances. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

Investor contact:   Andy Chen, Chief Financial Officer, Acro Energy
    713/ 715-1000
    achen@acroenergy.com

 

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