Paradise Ridge Hydrocarbons, Inc. (OTC Pink: PRGE) is primarily engaged in the re-entry and re-working of existing oil & gas properties. Shares of the energy company are surging 50% on Monday, May 1, 2017. Over the past month, Paradise Ridge Hydrocarbons, Inc. saw average daily volume of 95,129 shares. However, volume of 205,639 shares or dollar volume of $129,552, has already exchanged hands on Monday.
Shares of Paradise Ridge Hydrocarbons, Inc. are jumping today, after the company announced it has diversified its business operations through the acquisition of StackCap.com, an equity crowdfunding platform. Furthermore, the company says it will utilize STACKCAP, Inc. to conduct further debt and equity financing services and platforms. Ultimately, the acquisition is scheduled to close on May 31, 2017. Here is the full press release detailing of the acquisition:
Paradise Ridge Hydrocarbons, Inc. Press Release:
AUSTIN, Texas, May 1, 2017 /PRNewswire/ –Paradise Ridge Hydrocarbons, Inc. (OTC Pink: PRGE) today announced that it has signed a definitive agreement to acquire equity crowdfunding platform stackcap.com owned by STACKCAP, INC.
Equity crowdfunding fuels innovation and growth by providing access to capital that can take businesses from ideas to viable products and real jobs. PRGE will utilize STACKCAP, INC. to provide debt and equity financing for a wide range of business opportunities which currently lack access to needed capital. “Under the Jumpstart Our Business Startups Act of 2012 the US government has helped by lowering the barrier to entry, and now we will do our part. Under the Trump administration, we believe this will continue to spur a small business revolution, empower more women and minorities and revive the American dream,” stated President Gordon Johnson.
The acquisition is scheduled to close prior to May 31, 2017. The terms of the transaction include the issuance of restricted Rule 144 PRGE common stock.
Forward Looking Statements:
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company’s filings with the Securities and Exchange Commission.