BOULDER, Colo. and TUCSON, Ariz., July 20, 2011 (GLOBE NEWSWIRE) -- Energy Conservation Technologies, Inc. (ENYC) (Pink Sheets:ENYC), a landmark technology company specializing in energy conservation lighting technology, announced the acquisition of 100 % of the common shares of Westcap Energy, Inc., a Nevada Corporation doing business in Arizona under the name of Westcap Solar, Inc. Westcap Solar (WCE) is an Arizona licensed contractor for sales and installation of solar photovoltaic systems. Westcap has offices in Tucson, Phoenix and Flagstaff, Arizona and has plans to expand nationwide in the next few years. Westcap Solar also markets and installs solar powered LED lighting and energy conservation lighting systems in their market.
As a result of the acquisition, the shares of the parent corporation ENYC currently outstanding at July 15, 2011 will be restated in a one for twenty three (1 for 23) reverse division and new shares will be issued to the shareholders of WCE for approximately 91% of the resulting shareholdings. The reverse division will result in a halt to trading for a short period and a reissue of all prior owned shares in the near future. This restatement will create a complete change of control, a full resignation of all prior Directors and the election of a new Board of Directors on the effective date of July 15, 2011.
Westcap is preparing documents for filing with the SEC and other organizations and intends to be a fully reporting company as soon as possible.
ENYC will retain its operating name and trading symbol and expects to increase its activities in mergers and acquisitions of alternative energy companies. Its operations will be transferred to Tucson, Arizona and its products will be marketed by Westcap in a customer supplier relationship. Past resigned management of ENYC will operate a company known as "Boulder Lighting" in the future, which now owns their patents and other assets which were not acquired.
WCE will continue its primary business of contracting for solar installations for commercial, residential, government and non-profit organization throughout Arizona and in expansion areas in the future. WCE will also seek other candidates for acquisition.
Safe Harbor Statement
Note: Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than the statements of fact, included in this release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. ENYC undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.