SCV-Based Energy Developer Suffers ‘Corporate Hijacking’
BY LEON WORDEN/SCVNEWS.COM
Santa Clarita-based U.S. Energy Initatives Corp. announced Tuesday that it has changed its name, which it initially had since 1996 and has had since 2008 in Delaware to U.S. Energy Initiatives Corportation Inc. because its name was hijacked in the state of Delaware by certain individuals.
The name change and domicile change to Nevada was made to protect the company from potential identity theft and that complicated fraud connected with the theft of a company name. Management has notified the proper agencies of this change as well as notified other agencies of this potential threat. Corporate Hijacking is a serious problem and a more common event than one might imagine.
According to www.securitieslawyer101.com, “Corporate hijackings, also known as corporate identity theft, are a growing problem.
They’re used by fraudsters to acquire control of publicly traded shell companies that can then be purchased, through a reverse merger, by private companies seeking to go public. It is relatively easy to find information about a public company using EDGAR, OTCMarkets filings, Secretary of State websites and corporate filings, company websites, and business and other directories. Scammers use these sources to locate dormant or delinquent public companies for reverse merger transactions.
They can determine whether a public company’s corporate status is active or inactive, find its ticker symbol, identify present and former officers and directors, and get contact information. Using this readily available public information, fraudsters have hijacked literally hundreds of dormant public companies and/or their stock symbols and sold these companies to private companies seeking to go public.”
According to Anthony Miller , CEO, “The Management of USEI believes that this was a very necessary step to protect everyone concerned. As we researched this issue we noticed that Corporate Hijacking is a growing trend today. I invite you to see the attached links to see how this works. All necessary steps have been made to correct this, and to prevent it from happening to the Company again. We will also notify agencies of who we think are the perpetrators. This occurred on the exact same day that management was paying back taxes for the state of Delaware.”
On a more positive note, we are happy to announce that the Management of USEI is making significant progress with USEI’s previously announced biofuel plans and our incredible opportunity to grow this firm. Last month, we along with our Canadian and California affiliates met in Temecula, California to strategize how to move our project forward. This was the first time that all of us have had an opportunity to get together in the same room.
The main substance of the meeting was to examine how we could integrate the Methes Denami 600 (a 1.3 million gallon per year continuous flow biodiesel processor website: www.methes.com) into an existing operation of our California producer. This was an extremely productive meeting, producing a positive game plan. Management is still aggressively working on its financing strategy and further plans to be producing biodiesel in the coming months. Management further intends to keep with updates as we produce significant milestones, further commented Miller.
About U.S. Energy Initiatives
U.S. Energy Initiatives Corporation is a diverse energy firm that has a long history of developing automotive and hybrid fuel systems and technologies. This firm first started in 1996 and has had a long successful business history of developing its business strategies. Management’s new goal is to develop its new and old technologies and to build a dynamic energy firm.
The Company has three separate energy initiatives; one in the oil, gas & technology sector (brought in by Mr. Miller), one in the hybrid fuel or bio-fuel sector and one in the automotive sector.
Our immediate goal is to develop our bio-fuel opportunities and going forward our goal is to acquire and develop stranded or un-recovered oil properties for enhanced oil production, create partnerships with operators, create strategic alliances for primary and secondary recovery.
Our overall goal is to become an environmentally responsible energy company, utilizing all methods available to generate income.
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