American Energy New (AEGG) 0.2000 $AEGG
The American Energy Group, Ltd. Announces Post-Award Enforcement Activity to Assume Control Of Hycarbex-American Energy, Inc.
ACCESSWIRE - Mon Jun 08, 11:27AM CDT
WESTPORT, CT / ACCESSWIRE / June 8, 2015 / The American Energy Group, Ltd. (PINKSHEETS: AEGG) announced today that it has initiated its post-Arbitration Award activities having assumed control of Hycarbex-American Energy, Inc. (Hycarbex). The April 15, 2015 Arbitration Award announced previously declared the 2003 Stock Purchase Agreement under which AEGG sold the stock of Hycarbex as void ab initio and of no legal effect. In connection with its findings, the Arbitration Tribunal ordered that the register of shareholders for Hycarbex be rectified to reflect AEGG as the owner of 100% of the common stock as it stood in 2003. Subsequent to the award, AEGGs President, Pierce Onthank, travelled to Nevis, the country of domicile for Hycarbex, and upon presentation of the Award, the register of shareholders of Hycarbex was duly rectified and the registration of 100% of the stock reverted back to AEGGs name. AEGG in its capacity as shareholder of Hycarbex further appointed Mr. Onthank as sole Director and President of Hycarbex while removing all prior management personnel. Additionally, Mr. Onthank travelled to Pakistan and assumed the control of Hycarbex including Hycarbex bank accounts. Mr. Onthank further interviewed and retained the key personnel of Hycarbex. Mr. Onthank also formally informed the Director General Petroleum Concessions of Pakistan, the regulator of the Pakistan concessions operated by Hycarbex, that 100% of the shares of Hycarbex had reverted to AEGG and that the management of Hycarbex had been changed to Mr. Onthank. Mr. Onthank further caused AEGGs attorneys to file a lawsuit seeking permanent injunction prohibiting the past president from entering the Hycarbex branch office in Islamabad, Pakistan or falsely representing any claim to exercise any control over Hycarbex. In this lawsuit, the Pakistan Court issued an interim restraining order containing the requested prohibitions. Additional transitional activities in Pakistan have been initiated. AEGGs management intends to implement a business plan for future exploration of the Hycarbex assets upon more extensive analysis of available information derived from its transition efforts.
The American Energy Group, Ltd. Announces Sale of Common Shares
GlobeNewswire - Wed May 13, 4:00PM CDT
The American Energy Group, Ltd. (AEGG) announced today that it has sold 316,250 Common Shares to three (3) individual investors for a cash consideration of $0.16 per share or a total consideration of $50,600 to the Company. The proceeds of each transaction will be used for general and administrative operating capital and legal expenses.
The American Energy Group, Ltd. Wins Arbitration and Obtains Significant Award from ICC Tribunal
GlobeNewswire - Wed Apr 22, 8:00AM CDT
The American Energy Group, Ltd. (AEGG) announced today that the three-person arbitration tribunal (Arbitration Tribunal) of the International Chamber of Commerce (ICC) International Court of Arbitration has rendered its Partial Final Award signed April 15, 2015 (Award) in the pending arbitration proceedings commenced by AEGG in April, 2012 against Hycarbex-American Energy, Inc. (Hycarbex), Hycarbex Asia Pte. Ltd. (Hycarbex Asia) and Hydro Tur, Ltd. (Hydro Tur). The Award declares that the November 9, 2003 Stock Purchase Agreement between AEGG, Hycarbex and Hydro-Tur, which was amended on February 16, 2004, and December 15, 2009, is void ab initio and of no legal effect on account of the fraud and misrepresentations of Hycarbex, Hydro-Tur and Hycarbex-Asia and that AEGG is thus the 100% owner of the common stock of Hycarbex relating back to the original Stock Purchase Agreement date of November 9, 2003. In connection with its findings, the Arbitration Tribunal ordered that the register of shareholders for Hycarbex be corrected to reflect AEGG as the owner of 100% of the common stock, that Hycarbex and Hycarbex-Asia take any and all steps necessary to effect the rectification of the register of shareholders of Hycarbex to reflect AEGG as the owner of 100% of the common stock, and that Hycarbex and Hycarbex-Asia bear all costs of the arbitration proceedings, including AEGG's legal costs, which costs and fees are to be fixed by the Arbitration Tribunal in a subsequent award after submission of the total costs and fees by AEGG. The Arbitration Tribunal dismissed Hydro-Tur's application for costs.
The American Energy Group, Ltd. Announces Post-Award Enforcement Activity to Assume Control Of Hycarbex-American Energy, Inc.
ACCESSWIRE - Mon Jun 08, 11:27AM CDT
WESTPORT, CT / ACCESSWIRE / June 8, 2015 / The American Energy Group, Ltd. (PINKSHEETS: AEGG) announced today that it has initiated its post-Arbitration Award activities having assumed control of Hycarbex-American Energy, Inc. (Hycarbex). The April 15, 2015 Arbitration Award announced previously declared the 2003 Stock Purchase Agreement under which AEGG sold the stock of Hycarbex as void ab initio and of no legal effect. In connection with its findings, the Arbitration Tribunal ordered that the register of shareholders for Hycarbex be rectified to reflect AEGG as the owner of 100% of the common stock as it stood in 2003. Subsequent to the award, AEGGs President, Pierce Onthank, travelled to Nevis, the country of domicile for Hycarbex, and upon presentation of the Award, the register of shareholders of Hycarbex was duly rectified and the registration of 100% of the stock reverted back to AEGGs name. AEGG in its capacity as shareholder of Hycarbex further appointed Mr. Onthank as sole Director and President of Hycarbex while removing all prior management personnel. Additionally, Mr. Onthank travelled to Pakistan and assumed the control of Hycarbex including Hycarbex bank accounts. Mr. Onthank further interviewed and retained the key personnel of Hycarbex. Mr. Onthank also formally informed the Director General Petroleum Concessions of Pakistan, the regulator of the Pakistan concessions operated by Hycarbex, that 100% of the shares of Hycarbex had reverted to AEGG and that the management of Hycarbex had been changed to Mr. Onthank. Mr. Onthank further caused AEGGs attorneys to file a lawsuit seeking permanent injunction prohibiting the past president from entering the Hycarbex branch office in Islamabad, Pakistan or falsely representing any claim to exercise any control over Hycarbex. In this lawsuit, the Pakistan Court issued an interim restraining order containing the requested prohibitions. Additional transitional activities in Pakistan have been initiated. AEGGs management intends to implement a business plan for future exploration of the Hycarbex assets upon more extensive analysis of available information derived from its transition efforts.
The American Energy Group, Ltd. Announces Sale of Common Shares
GlobeNewswire - Wed May 13, 4:00PM CDT
The American Energy Group, Ltd. (AEGG) announced today that it has sold 316,250 Common Shares to three (3) individual investors for a cash consideration of $0.16 per share or a total consideration of $50,600 to the Company. The proceeds of each transaction will be used for general and administrative operating capital and legal expenses.
The American Energy Group, Ltd. Wins Arbitration and Obtains Significant Award from ICC Tribunal
GlobeNewswire - Wed Apr 22, 8:00AM CDT
The American Energy Group, Ltd. (AEGG) announced today that the three-person arbitration tribunal (Arbitration Tribunal) of the International Chamber of Commerce (ICC) International Court of Arbitration has rendered its Partial Final Award signed April 15, 2015 (Award) in the pending arbitration proceedings commenced by AEGG in April, 2012 against Hycarbex-American Energy, Inc. (Hycarbex), Hycarbex Asia Pte. Ltd. (Hycarbex Asia) and Hydro Tur, Ltd. (Hydro Tur). The Award declares that the November 9, 2003 Stock Purchase Agreement between AEGG, Hycarbex and Hydro-Tur, which was amended on February 16, 2004, and December 15, 2009, is void ab initio and of no legal effect on account of the fraud and misrepresentations of Hycarbex, Hydro-Tur and Hycarbex-Asia and that AEGG is thus the 100% owner of the common stock of Hycarbex relating back to the original Stock Purchase Agreement date of November 9, 2003. In connection with its findings, the Arbitration Tribunal ordered that the register of shareholders for Hycarbex be corrected to reflect AEGG as the owner of 100% of the common stock, that Hycarbex and Hycarbex-Asia take any and all steps necessary to effect the rectification of the register of shareholders of Hycarbex to reflect AEGG as the owner of 100% of the common stock, and that Hycarbex and Hycarbex-Asia bear all costs of the arbitration proceedings, including AEGG's legal costs, which costs and fees are to be fixed by the Arbitration Tribunal in a subsequent award after submission of the total costs and fees by AEGG. The Arbitration Tribunal dismissed Hydro-Tur's application for costs.
