SEATTLE, May 18, 2010 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Pink Sheets:GBOE) ("GeoBio"), announces its engagement of Turning Point LLC to (i) prepare GeoBio's financial statements, (ii) update GeoBio's SEC filings and (iii) support the audits of GeoBio's two previously announced acquisition targets in the natural gas and oil services industry. Turning Point, based in Bellevue, WA, has worked with GeoBio in the past, and provides CFO Advisory services, SEC filings for public companies, audit preparation and support, M&A due diligence and preparation, litigation support, valuation analysis and other financial support services.
In addition, GeoBio is in the process of retaining an experienced PCOAB qualified accounting firm in Seattle to review and audit the SEC filings, which will bring GeoBio current in its 1934 Exchange Act disclosure obligations, and to perform the audits on the two target acquisitions. The firm is expected to be retained next week.
Both firms will perform their work under the direction of Douglas A. Daniel, Senior Vice President of Corporate Development and Finance. "Both Doug and I are very pleased to have two very qualified firms to bring the company current and complete the audits of our two acquisitions," said GeoBio's incoming CEO, John Sams. "We look forward to completing this work expeditiously, closing the acquisitions on a timely basis and moving forward with our business integration and planned growth strategy."
About GeoBio Energy:
GeoBio's business model emphasizes the acquisition and operation of existing companies in the oil and gas services and energy industry. As oil well and gas exploration continue in the face of ever rising demand, preparing and monitoring drilling sites and obtaining peak efficiency and production from existing, aging wells becomes increasingly important. GeoBio believes this to be a significant growth opportunity in its strategy to combine and consolidate companies in the oil and natural gas services sector.
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