US Sustainable Energy Corporation Announces Update on CyberCare's Plan of Reorganization
Shares Halted in Anticipation of Merger & Restructuring Completion
In connection with its proposed merger with CyberCare, Inc. ("CyberCare") (PINKSHEETS: CYBR), US Sustainable Energy Corporation ("US Sustainable" or "the Company") announced today that CyberCare will apply to resume trading in its stock after completion of its bankruptcy case. Confirmation of CyberCare's Plan of Reorganization ("Plan") is currently scheduled for August 16, 2006, postponed from July 25, 2006, as previously announced on June 27, 2006. Following confirmation of its bankruptcy Plan, CyberCare will change its name and apply for a new trading symbol. The Company expects to close the merger transaction with CyberCare within 10 to 12 business days after confirmation.
As part of its plan, CyberCare also proposes a 1 for 10 reverse split of its outstanding common stock. Under the Plan, CyberCare will also issue 100 million restricted shares for the acquisition of US Sustainable Energy Corporation. Upon effecting the restructuring of CyberCare, the Company will re-issue the reversed CYBR shares, as well as the 100 million shares of restricted stock issued for the acquisition under the new symbol with the new company name, US Sustainable Energy Corporation.
The Company's technologies are expected to include the rights to the certain patents and intellectual property currently contained in EarthFirst Technologies, Inc. (OTCBB: EFTI). Under EarthFirst's previously announced planned merger with Cast-Crete Corporation, EarthFirst/Cast-Crete will become the co-proponent of the Plan of Reorganization of CyberCare. After the merger with Cast-Crete and CyberCare's emergence from reorganization, EarthFirst/Cast-Crete intends to combine the existing energy technologies with CyberCare's technology assets. The surviving entity will be known as U.S. Sustainable Energy Corporation (WWW.USSEC.US). |
