Bayside Corp. Announces Oil Company Merger
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Dallas, TX -- April 13, 2015 -- InvestorsHub NewsWire
-- Bayside Corp. (BYSD.PK)
today announced the merger of
Bayside Petroleum Company, Inc., and iSeeAutomation, Inc., a
vision guided automated technology company.
The
ongoing slump in oil prices resulted in Technis Energy, Ltd.
exercising an option under the previous deal terms with Bayside
Corp. to rescind the acquisition of Bayside Petroleum Company, Inc.
The continued downward spiral in oil prices forced the decision by
Technis Energy, Ltd. Directors.
As a
result, iSeeAutomation, Inc. has acquired Bayside Petroleum
Company, Inc. under the previous deal terms between Bayside Corp.
and Technis Energy, Ltd. The merger of the two companies was made
effective earlier today and as a result the new entity will retain
the name iSeeAutomation, Inc.
Additionally, Common Stock shareholders of
Bayside Corp. will also receive a stock dividend of iSeeAutomation,
Inc. subject to regulatory approval as stated previously, while
current Bayside Corp. CEO, Gordon Johnson will oversee the
registration of iSeeAutomation, Inc. on the U.S Over the counter
markets as also stated previously.
In
conclusion, the collapse in oil prices creates the backdrop for
this merger. As energy companies race to be more competitive,
reducing oil production costs is a major priority for energy
companies all around the world. iSeeAutomation, Inc. has chosen to
seize the market opportunity and implement innovative technology
that can reduce the overall costs of producing
energy.
About Bayside
Bayside Corp. is an American multinational
corporation that manages multiple subsidiary companies engaged in a
variety of business industries and sectors. At Bayside Corp. we
believe that the future is now and that our efforts today will have
a long lasting impact for generations to come. For additional
information about Bayside Corp. please visit:
www.baysidecorp.com
About iSeeAutomation
iSeeAutomation,
Inc. is a visionary company implementing 22nd century vision guided
automation technology for today’s modern world. The company
utilizes yesterday and today’s innovations to revolutionize the
world as we know it. For more information about
iSeeAutomation please visit www.iseeautomation.com
Certain statements in this news release
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" All forward-looking statements are
based on Bayside's current expectations, estimates, projections,
beliefs and assumptions based on information available at the time
the statement was made and in light of Bayside's experience and its
perception of historical trends.
The forward-looking statement in this news
release includes reference to: Bayside's ability to execute on its
strategy and deliver strong results on behalf of its shareholders.
Forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties; some that are
similar to other related companies and some that are unique to our
company. Bayside's actual results may differ materially from those
expressed or implied by our forward-looking statements and you are
cautioned not to place undue reliance on
them.
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