Bayside Corp (OTCMKTS:BYSD) announced the completion of the sale of its subsidiary company, Bayside Petroleum Company to Technis Energy, LTD. With the completion of the sale, Technis now owns 100% stake in Bayside Petroleum.
The consideration for the sale comprises $5 million of preferred stock of Bayside Petroleum and also cash consideration. In addition, shareholders of Bayside will be entitled to receive a stock dividend of the subsidiary company. The management of Bayside will file a corporation action with FINRA to issue dividends following sale. The details of dividend distribution will be made available to company’s shareholders once FINRA approves the Corporate Action.
Once Bayside Corp (OTCMKTS:BYSD) receives approval of the Corporate Action from FINRA, it will seek to submit a registration statement to begin the quotation of company’s common stock on the OTC board. The step will be initiated only after the appointment of the new management team at subsidiary firm.
Bayside Corp is a multinational company in the US that manages several subsidiary firms engaged in a wide range of business industries and sectors. Bayside Corp (OTCMKTS:BYSD) believes in the present and states that the future is now. The efforts taken today provide a pathway to the future generation.
Technis Energy is a reputed British Virgin Islands oil firm that owns and operates over 50 oil wells in the US primarily in East Texas. It is one of the principal oil fields in the US, having over seven billion barrels of oil, and having delivered more than 5.5 billion barrels of oil in place.
Bayside Corp (OTCMKTS:BYSD) declined more than 37% to $0.00100 in last trading session. The selling pressure came as the news related to the sale of subsidiary failed to impress investors. The company has numerous subsidiaries, but it still it cannot achieve growth in revenue from any of its firms. In the last quarter, it reported zero cash and current assets, highlighting a dismal picture of financials.