Bayside Corp. Announces the $5,000,000 Sale of S

Bayside Corp. Announces the $5,000,000 Sale of Subsidiary Company
18 hours 3 minutes ago - DJNF
Bayside Corp announces the sale of Bayside Petroleum Company, Inc. and stock dividends to common shareholders of Bayside Corp.

DALLAS, Feb. 17, 2015 /PRNewswire/ -- Bayside Corp. (PK: BYSD) today announced that it has entered into a contractual agreement with Technis Energy, LTD. (GXG: TECN) to sell off one-hundred percent (100%) of the common stock of Bayside Petroleum Company, Inc. a wholly owned subsidiary corporation of Bayside Corp.

Under the terms of the agreement, Bayside Petroleum Company, Inc. will become a subsidiary corporation of Technis Energy, LTD. To continue, Bayside Corp. will receive compensation in the form of $5,000,000 in Preferred Stock of Bayside Petroleum Company, Inc. and additional cash consideration. Furthermore, Common Stock shareholders of Bayside Corp will also receive a stock dividend of Bayside Petroleum Company, Inc. subject to the effective date set forth in the final agreement.

Additionally, Bayside Corp's current Chief Executive Officer, Gordon Johnson has been appointed as the new President of Technis Energy, LTD. and will oversee the transition and the registration of Bayside Petroleum Company, Inc. on the US Over-The-Counter Markets. The effective completion date for the agreement is expected to take place within the next 30 days pending final approval of the Technis Energy Board of Directors and FINRA.

About Bayside

Bayside Corp. is an American multinational corporation that manages multiple subsidiary companies engaged in a variety of business industries and sectors. At Bayside Corp. we believe that the future is now and that our efforts today will have a long lasting impact for generations to come. For additional information on the Company visit our website at: http://www.baysidecorp.com

About Technis Energy Limited

Technis Energy is a BritishVirgin Islands oil company that owns and operates more than 50 oil wells in the USA primarily in East Texas. The East Texas Oil Field is the one of the largest oil field in the United States, having more than seven billion barrels of oil in place, and having produced more than 5.5 billion barrels, or about 78% of the original oil in place. http://www.technisenergy.com

Certain statements in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" All forward-looking statements are based on Bayside's current expectations, estimates, projections, beliefs and assumptions based on information available at the time the statement was made and in light of Bayside's experience and its perception of historical trends.

The forward-looking statement in this news release includes reference to: Bayside's ability to execute on its strategy and deliver strong results on behalf of its shareholders. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties; some that are similar to other related companies and some that are unique to our company. Bayside's actual results may differ materially from those expressed or implied by our forward-looking statements and you are cautioned not to place undue reliance on them

CONTACT: Bayside Corp., info@baysidecorp.com, 800-719-1310

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bayside-corp-announces-the-5000000-sale-of-subsidiary-company-300037118.html

SOURCE Bayside Corp.

/Web site: http://www.baysidecorp.com

(END) Dow Jones Newswires

February 17, 2015 16:35 ET (21:35 GMT)

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