RENO, Nev., Feb. 26, 2008 (PRIME NEWSWIRE) -- EPOD International Inc. (the "Company," "EPOD") (Pink Sheets:EPOI) (Frankfurt:EDU) has completed its reorganization transaction, previously announced on November 20 and December 10, 2007. In accordance with the transaction, all of the assets and liabilities of EPOD International were assigned to a newly formed British Columbia, Canada-based company, EPOD Solar Inc. The transaction also effected an exchange of shares whereby each share of common stock of EPOD International was automatically exchanged for a common share in the capital of EPOD Solar, with the net result being that each shareholder of EPOD International is now deemed to hold an identical number of shares in the capital of EPOD Solar. The company will disseminate transmittal instructions following the closing in which shareholders will be entitled to tender the share certificates representing shares of EPOD International in exchange for a share certificate of EPOD Solar. EPOD International, who merged with a newly incorporated Nevada corporation and became a wholly-owned subsidiary of EPOD Solar in connection with the transaction, will be dissolved in the coming weeks.
Prior to completion of the reorganization transaction, EPOD International assigned all of its rights to Mill Creek Developments Ltd. and its related Kelowna real estate development to two related parties in consideration for the assumption by those parties of all outstanding debt obligations relating to the development, such obligations amounting to in excess of $16.6 million, and a contingent payment to EPOD International of up to $10 million from net income generated from the development of residential lands on the Mill Creek property. The entitlement to the $10 million payment was assumed by EPOD Solar in connection with the reorganization transaction.
About EPOD: EPOD is a Grid-Integrated, eco-power utility and electric power systems provider. The Company's operations include the engineering and construction of turn-key factories for solar panel production and material handling systems. Additionally, the Company has subsidiaries involved in the manufacturing of inverters, rectifiers, energy management systems, and solar panels.