Bayside Corp. has completed the one hundred percent (100%) sale of the common stock of Bayside Petroleum Company, Inc. to Technis Energy, LTD. Bayside Petroleum Company, Inc. is now a wholly owned subsidiary of Technis Energy, LTD.
Additionally, consideration for the sale includes $5,000,000 of Preferred Stock of Bayside Petroleum Company, Inc. and cash consideration. Moreover, Common Stock shareholders of Bayside Corp. will also receive a stock dividend of Bayside Petroleum Company, Inc.
To continue, the Bayside Corp. management will be filing a Corporation Action with FINRA to issue stock dividends as a result of the sale. The details of the transaction will become available to the shareholders once FINRA has approved the Corporate Action.