Bayside Corp. Management Comments on Subsidiary Spin Out
DALLAS, Aug. 1, 2013 /PRNewswire/ — Bayside Corp. (OTC: BYSD) comments on the spin out of Bayside Petroleum Company, Inc. “The spin out is designed to allow both companies to individually execute their business models”. –Gordon Johnson, Chairman
Bayside Corp. and its other wholly owned subsidiaries will continue to establish its brand identity as that of an energy exporter, marketer and innovator with a focus on various forms of energy including but not limited to heavy fuel oil, liquefied natural gas, renewable energy, and technology energy innovations. The move is consistent with the management team’s vision for the future of the company and the continued establishment of its brand identity.
The company’s management further commented by saying that the purpose of the spin out of Bayside Petroleum Company, Inc. a subsidiary of Bayside Corp. is for Bayside Petroleum Company, Inc. to become an independent stand alone company and continue to establish it’s own brand identity as an energy, exploration, development and production company.
As a result of the spin out, Bayside Petroleum Company, Inc. will issue shares of its own Common Stock to its shareholders on a basis to be determined by the Board of Directors at its next meeting.
Safe Harbor Statement
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. Important factors that could cause actual results to differ from those projected are decreases in oil and gas prices or decreases in oil and gas production. The company’s actual results could differ materially from those discussed herein. Forward-looking statements are subject to risks and uncertainties, including, but not limited to, government regulation, taxation, spending, competition, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward-looking statements.
SOURCE Bayside Corp.