Forest Hills, NY, December 18, 2009 --(PR.com
)-- Native American Energy Group, Inc. (Pink Sheets: NAGP) ("NAEG" or the "Company"), formerly trading under the symbol NVMG.PK, today confirmed the completion of a merger with publicly traded Flight Management International, Inc. (a Delaware corporation), and further announced that the merged entity would operate under the name Native American Energy Group, Inc., which is also known as NAEG. Trading in the common stock of Native American Energy Group began on November 5th 2009 on the Over-The-Counter Pink Sheets under the symbol “NAGP.PK."
NAEG Chief Executive Officer, Joseph D’Arrigo, and Chief Financial Officer, Raj Nanvaan, will lead the merged company, building on the accomplishments of its previous oil & gas operations and developments in alternative energy technologies, including coal bed methane and wind energy.
NAEG states that these actions reaffirm management’s dedication to preserve the Company’s assets and to add value to its long-term shareholders. In addition to the Merger, 3-year audits of NAEG’s financial statements are currently being performed by PCAOB auditors. “This merger will benefit the shareholders of both Native American Energy Group and Flight Management International,” said Joseph Darrigo, CEO.
The Surviving Corporation will carry on business with the assets and existing shareholder base of NVMG, a company that has been in business since 2005, including all rights, property and intellectual property. Its corporate offices are located in New York with field offices in Alaska and Montana. The separate existence of NVMG shall cease and the Surviving Corporation, Native American Energy Group, Inc. (NAGP), shall succeed it.
As part of the merger, Native American Energy Group effected a share exchange transaction with Flight Management. As a result, a pro-rata distribution of the merge shares will take effect in connection with the Merger. Each shareholder of NVMG shall be entitled to receive shares of the Surviving Corporation, Native American Energy Group, Inc. (NAGP.PK) to which the shareholders are entitled under the Plan of Merger.
Raj Nanvaan, the chief financial officer of Native American Energy Group, stated, “Due to our strongly held belief in this company, our management team has validated the company’s status as a public company. The audited financials reports for fiscal 2007 and 2008 are near completion and will add additional distinction and strengthen the company’s position as well as set the stage for listing on a higher exchange such as AMEX or NASDAQ in the future.” Mr. Nanvaan further explained that, “The company has taken this initiative to overcome the March 2008, SEC action that de-listed the NVMG security along with the securities of 25 other companies to the grey market where no Broker-Dealer quotations were permitted. Being under that dark and unwarranted cloud also made it extremely difficult for the company to raise capital. We were on the threshold of funding for full scale operations in both Montana and Alaska when an SEC action blind-sided us, ultimately causing the termination of funding negotiations.”
Joseph D’Arrigo, the president & chief executive of Native American Energy Group, commented, “This is a huge milestone for our company and we are extremely excited. The listing has enhanced the visibility of the company and significantly increased the liquidity of its shares.”
NAEG management is currently re-negotiating contracts with major drilling & service companies for development in both Montana and Alaska. In addition, NAEG is in discussions with several tribal governments throughout the U.S. regarding the establishment of utility-scale wind farms. The company is also assembling a special, national renewable energy team to scrutinize and finalize pending relationships with green energy technology companies that will complement NAEG’s exclusive wind turbine distribution rights.
“Our commitment to see to it that the business can continue to grow and evolve has never been more evident. We will continue to keep our shareholders informed about these and other developments as they materialize, said Mr. D’Arrigo.”
About Native American Energy Group, Inc. (OTC Pink Sheets: NAGP)
New York-based Native American Energy Group is an independent, energy resource development and management company that specializes in oil, natural gas, and alternative energy systems. For more information, please visit the Company's website at: www.nativeamericanenergy.com.
Safe Harbor Statement:
This release may contain descriptions of the Company's expectations regarding future business activities. These forward-looking statements are made in reliance upon safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Accordingly, actual results may differ materially from those contemplated by the forward-looking statements.