Bayside Corp. Announces Oil Company Merger
(firmenpresse) - DALLAS, TX -- (Marketwired) -- 04/13/15 -- Bayside Corp. (OTC PINK: BYSD) today announced the merger of Bayside Petroleum Company, Inc., and iSeeAutomation, Inc., a vision guided automated technology company. The ongoing slump in oil prices resulted in Technis Energy, Ltd. exercising an option under the previous deal terms with Bayside Corp. to rescind the acquisition of Bayside Petroleum Company, Inc. The continued downward spiral in oil prices forced the decision by Technis Energy, Ltd. Directors.
As a result, iSeeAutomation, Inc. has acquired Bayside Petroleum Company, Inc. under the previous deal terms between Bayside Corp. and Technis Energy, Ltd. The merger of the two companies was made effective earlier today and as a result the new entity will retain the name iSeeAutomation, Inc.
Additionally, Common Stock shareholders of Bayside Corp. will also receive a stock dividend of iSeeAutomation, Inc. subject to regulatory approval as stated previously, while current Bayside Corp. CEO, Gordon Johnson will oversee the registration of iSeeAutomation, Inc. on the U.S Over the counter markets as also stated previously.
In conclusion, the collapse in oil prices creates the backdrop for this merger. As energy companies race to be more competitive, reducing oil production costs is a major priority for energy companies all around the world. iSeeAutomation, Inc. has chosen to seize the market opportunity and implement innovative technology that can reduce the overall costs of producing energy.
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 about Bayside Corp. please visit:
About iSeeAutomation
iSeeAutomation, Inc. is a visionary company implementing 22nd century vision guided automation technology for today''s modern world. The company utilizes yesterday and today''s innovations to revolutionize the world as we know it. For more information about iSeeAutomation please visit
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.
Bayside Corp.
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Datum: 13.04.2015 - 14:30 Uhr
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