Digital Ecosystems Completes Reverse Acquisition of GSL Energy
DENVER, May 19 /PRNewswire-FirstCall/ -- Digital Ecosystems Corp. (Nachrichten) (BULLETIN BOARD: DGEO) announced today that it completed a share exchange agreement on May 12, 2006, through which it acquired the majority of the issued and outstanding shares of common stock of GSL Energy Corporation, a private Maryland corporation.
On May 12, 2006, GSL Energy's common stock was exchanged, on a one-for-one basis, for shares of Digital's common stock. Through this transaction, Digital acquired 175,672,000 shares of GSL Energy common stock from shareholders of GSL Energy, which represents 86.92% of the issued and outstanding shares of GSL Energy, in exchange for 175,672,000 shares of Digital common stock, which represents 85.96% of the issued and outstanding shares of Digital. Digital has 14 days to acquire additional shares of GSL Energy common stock under the same terms and conditions from holders that are currently not party to the share exchange agreement.
As a result of the completed acquisition, Digital is changing its operational focus to that of GSL Energy. Gregory Leigh Lyons has resigned as president, chief executive officer, secretary and director of Digital. Digital's board of directors has appointed Kelly H. Nelson as its president and chief executive officer.
Kelly H. Nelson, Chief Executive Officer, stated, "GSL Energy is pleased to have this exchange agreement with Digital executed. We respect Mr. Lyons and his record of achievement as President of Digital and wish him continued success in his future endeavors. We look forward to implementing our global oil and gas exploration and production business plan."
About GSL Energy Corporation
GSL Energy is a global oil and gas exploration and production company with primary assets consisting of an undivided 50% working interest in oil and gas leases and related interests in various oil and natural gas prospects including approximately 17,000 net mineral acres in the Piceance Basin of Colorado and 7 million acres in the Northern Territory of Australia. Additional information is available at
http://www.gslenergy.com/.
Forward Looking Statement
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Digital Ecosystems Corp. has little or no control.
CONTACT: Kelly Nelson / President&CEO Bevo Beaven, Vice President/GM Digital Ecosystems Warren Laird, Senior Account Executive (801) 363-8303 CTA Public Relations, Inc. (303) 665-4200
