CYPE news! wow Century Petroleum Announces Name Change to Ibeto Cement International Corporation and Files for Ticker Symbol Change with FINRA GlobeNewswire "Press Releases"
NEW YORK , June 28, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp. (OTC:CYPE) (CYPE or the Company) today announced that the Companys Board of Directors and majority shareholders have voted to officially change the Companys name to Ibeto Cement International Corporation , reflecting the Companys new business direction. Century Petroleumhas filed its plans for this proposed name change with theFinancial Industry and Regulatory Authority(FINRA) and has requested a new ticker symbol that better suits the new name of the Company.
This name change is being taken pursuant to the Companys recently announced proposed reverse merger with the Nigerian Billionaires Ibeto Cement Company Limited , a Nigerianlimited liability company, doing business as Ibeto Cement . The new symbol is under review and will be forthcoming upon confirmation fromFINRA. Ibeto Cement Company Limited is located in Bundu Ama , Port Harcourt, Rivers State of Nigeria.
Ibeto Cement began cement bagging operations at its bagging terminal in Port Harcourt in the year 2005. It is an ultra-modern bagging plant with a flat-storage capacity of 50,000 metric tons and a production capacity of 1,500,000 metric tons per annum, which translates to a production capacity of 4,000+ metric tons per day.
It has two (2) production lines, each with a capacity of 2,700 of 50kg bags per hour or designed total production capacity of 5,400 of 50kg bags per hour. It also has a third production line popularly known as the big/jumbo bag plant for big bags of 1,500 kilograms, and also a fourth production line for bulk cement powder which is loaded on special cement trucks fitted with tanks and discharge pumps.
An integral part of the plant facility is a modern purpose-built jetty ( Ibeto Jetty ) that can take in ships of 190+ meters long with a sophisticated and state-of-art ship-unloaders and mounted at the waterfront on the Jetty to facilitate discharge of bulk cement from offshore/foreign mother vessels.
In line with the Nigerian Backward Integration Policy (BIP) on cement and in response to the Federal Governments call to increase local production of cement, Ibeto Cement Company Limited acquired the premier Nigeria Cement Company Limited (Nigercem) which has a plant located in Nkalagu, Ebonyi State. The strategic acquisition of Nigercem is aimed at expediting Ibeto Cements local production of cement by resuscitating the Nigercem plant and developing the project, as a brand new dry process plant.
Additionally, the Ibeto Cement Company Limited is also developing another 6,000 Metric Tons Per Day (TPD) Cement plant at Cross River State/Abia State of Nigeria.
Terms of the proposed reverse merger will incorporate a minor change of capital structure, whereas, restricted shares of the company will be issued to The Ibeto Group for the acquisition of Ibeto Cement Company Limited , all of its subsidiaries and assets such shares will be restricted. The Ibeto Group has agreed not to trade such shares during this restrictive period. There will be no change to the public float as all the shares pertaining to the planned reverse merger transaction will be restricted.
Erroll A. Booker , Chief Executive Officer of Century Petroleum , stated, We are very excited about how things have progressed over the past few weeks with the recently proposed business combination between Ibeto Cement Company Limited and Century Petroleum Corp. This upcoming name change to Ibeto Cement International Corporationand corresponding ticker symbol change more appropriately reflects our strategic initiative to continue to build ourselves as an industry leader in the Cement space.
Forward-Looking Information:
Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information: Catherine Lourens info@dumbopr.com
NEW YORK , June 28, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp. (OTC:CYPE) (CYPE or the Company) today announced that the Companys Board of Directors and majority shareholders have voted to officially change the Companys name to Ibeto Cement International Corporation , reflecting the Companys new business direction. Century Petroleumhas filed its plans for this proposed name change with theFinancial Industry and Regulatory Authority(FINRA) and has requested a new ticker symbol that better suits the new name of the Company.
This name change is being taken pursuant to the Companys recently announced proposed reverse merger with the Nigerian Billionaires Ibeto Cement Company Limited , a Nigerianlimited liability company, doing business as Ibeto Cement . The new symbol is under review and will be forthcoming upon confirmation fromFINRA. Ibeto Cement Company Limited is located in Bundu Ama , Port Harcourt, Rivers State of Nigeria.
Ibeto Cement began cement bagging operations at its bagging terminal in Port Harcourt in the year 2005. It is an ultra-modern bagging plant with a flat-storage capacity of 50,000 metric tons and a production capacity of 1,500,000 metric tons per annum, which translates to a production capacity of 4,000+ metric tons per day.
It has two (2) production lines, each with a capacity of 2,700 of 50kg bags per hour or designed total production capacity of 5,400 of 50kg bags per hour. It also has a third production line popularly known as the big/jumbo bag plant for big bags of 1,500 kilograms, and also a fourth production line for bulk cement powder which is loaded on special cement trucks fitted with tanks and discharge pumps.
An integral part of the plant facility is a modern purpose-built jetty ( Ibeto Jetty ) that can take in ships of 190+ meters long with a sophisticated and state-of-art ship-unloaders and mounted at the waterfront on the Jetty to facilitate discharge of bulk cement from offshore/foreign mother vessels.
In line with the Nigerian Backward Integration Policy (BIP) on cement and in response to the Federal Governments call to increase local production of cement, Ibeto Cement Company Limited acquired the premier Nigeria Cement Company Limited (Nigercem) which has a plant located in Nkalagu, Ebonyi State. The strategic acquisition of Nigercem is aimed at expediting Ibeto Cements local production of cement by resuscitating the Nigercem plant and developing the project, as a brand new dry process plant.
Additionally, the Ibeto Cement Company Limited is also developing another 6,000 Metric Tons Per Day (TPD) Cement plant at Cross River State/Abia State of Nigeria.
Terms of the proposed reverse merger will incorporate a minor change of capital structure, whereas, restricted shares of the company will be issued to The Ibeto Group for the acquisition of Ibeto Cement Company Limited , all of its subsidiaries and assets such shares will be restricted. The Ibeto Group has agreed not to trade such shares during this restrictive period. There will be no change to the public float as all the shares pertaining to the planned reverse merger transaction will be restricted.
Erroll A. Booker , Chief Executive Officer of Century Petroleum , stated, We are very excited about how things have progressed over the past few weeks with the recently proposed business combination between Ibeto Cement Company Limited and Century Petroleum Corp. This upcoming name change to Ibeto Cement International Corporationand corresponding ticker symbol change more appropriately reflects our strategic initiative to continue to build ourselves as an industry leader in the Cement space.
Forward-Looking Information:
Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information: Catherine Lourens info@dumbopr.com
