CUPERTINO, Calif., Feb. 24, 2009 (GLOBE NEWSWIRE) -- TMEX USA, Inc. (Pink Sheets:SLGE) ("TMEX" or the "Company"), formerly trading under the symbol TMXU.PK, today announced that it has completed the previously announced merger with Solargen Energy, Inc. (the "Merger"). The Company is now a development stage business and will assume and execute Solargen's business plan of being active in the development, operation and management of large scale solar farms.
In connection with the Merger, the Company amended its articles of incorporation, and increased its authorized share capital from 100,000,000 authorized shares of common stock and no authorized preferred stock to 500,000,000 authorized shares of common stock and 100,000,000 authorized shares of preferred stock. Further, the Company changed its name to "Solargen Energy, Inc." ("Solargen") and is now trading under the symbol SLGE.PK. Also in connection with the Merger, Solargen effected a reverse stock split on a 2,001:1 basis, resulting in approximately 42,712 shares of the Company issued and outstanding immediately prior to the Merger. Shareholders of the Company will receive a notice from Solargen's transfer agent advising them how to exchange their stock certificates for stock certificates with the new corporate name and share amounts. The Company also has a new CUSIP number. There are currently 14,940,000 shares of the Company's common stock issued and outstanding after the Merger. Solargen's new Chief Executive Officer is Michael L. Peterson, and its new Chief Financial Officer is Adam M. McAfee.
Lastly, Solargen also announced today that it has filed its Initial Issuer Disclosure Statement with Pink Sheets LLC. Michael L. Peterson, CEO of Solargen stated, "It is a pleasure to announce the completion of our Merger with TMEX USA, Inc. The introduction of Solargen Energy to the public marketplace is an important milestone for the Company. We believe that being a publicly traded company will give us the tools to grow quickly and achieve our goal to becoming a major participant in the competitive solar industry." The Company has filed its initial disclosure documents as required by Pink Sheets LLC. By doing so, all interested parties may access the most current information concerning Solargen at pinksheets.com. In the near future, the Company expects to go forward with the necessary filings which will permit the Company to have its Pink Sheets LLC designation status changed from "No Information" to "PS, Current Information."
Forward-Looking Statements
This press release contains forward-looking statements relating to Solargen's business. These statements and other statements contained in this press release that are not purely historical fact are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on management's beliefs, certain assumptions and current expectations. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions and statements about Solargen's market opportunities, future plans and performance, objectives and expectations with respect to future operations and solar development activities, and financial projections and estimates and their underlying assumptions, are all forward-looking statements subject to risks and uncertainties, including, but not limited to: the timing and success of Solargen's solar development efforts, and the ability to raise capital to pursue our business strategy. Readers are cautioned not to place any undue reliance on these forward-looking statements. Actual results may differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. The forward-looking statements contained in this press release are made as of the date hereof, and Solargen does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of Solargen.