AXM Pharma Announces A Proposed Reverse Merger with A Cameroon Billionaire Businessman

Written by Nasdaq GlobeNewswire on .

NEW YORK, July 02, 2018 (GLOBE NEWSWIRE) -- AXM Pharma, Inc. (OTC:AXMP) ("AXM Pharma" or the "Company") is pleased to announce that it has entered into a binding letter agreement dated as of June 14, 2018 (the "Letter Agreement") with a leading Cameroon-based Cocoa exporting company, AS Industries Cameroon ("ASIC"), which fully owns the largest indigenous cocoa exporting company in Cameroon, as well as a state of the art cocoa processing company. The Agreement outlines the proposed terms and conditions pursuant to which AXM Pharma, Inc. and ASIC will affect a business combination that will result in a reverse takeover of AXM Pharma by the shareholders of ASIC (the "Proposed Transaction"). ASIC has positive annual revenues of over $110 million and is swiftly growing to absorb the market even further.

The Agreement was negotiated at arm's length. Per the Agreement, Mr. Emmanuel Neossi has acquired 70% control of AXM Pharma, Inc. Effective June 25, 2018, Mandla J. Gwadiso, newly appointed Chairman and CEO of AXM Pharma has stepped down and Mr. Emmanuel Neossi has been appointed as the new Chairman of the Board effective immediately. Mr. Emmanuel Neossi was advised by Palewater Advisory Group Inc. on this transaction.

ASIC is a privately held company organized/incorporated under the laws of the Republic of Cameroon, is one of the most dominant players in the fast-growing agribusiness sector of the Central Africa Region. The main activity has been trading in cocoa and coffee since the 90s around which many commercial and industrial activities have since become involved. ASIC markets more than 60,000 tons of cocoa and nearly 10,000 tons of coffee each year to partners in Africa and around the world. Currently the second largest exporter of the sector in the Cameroonian national territory, the company now holds a privileged position in the sub-regional cocoa market with major international groups. The organization works with more than 20,000 agricultural producers to support the global cocoa sustainability program by enabling thousands of families to receive a fair price for the wealth created along the value chain. The expansion of its activities has been crowned by the construction since 2016 of a state-of-the-art plant for cocoa processing and chocolate manufacturing. In 2017, the company started a cocoa industrial culture project to ensure the sustainability of its industrial activity.

Kent A. D. Clark, Chairman of Palewater Global Management Inc., the current parent company of AXM Pharma, Inc., stated thus: "We are very pleased to be adding AS Industries Cameroon into our structure. We are continuing to add to our diverse portfolio by entering the Agri-business realm. I have been deeply involved with Agri-Business as I was growing up and this is a privilege and honour to continue in an area I have a fondness for and have known most of my life. We are providing great benefit to Communities through our continued efforts and partnerships; I look very forward to fostering our relationship moving forward with Mr. Emmanuel Neossi as he is a real Champion. Together we are continuing to look at quality of life and benefit to Community as we build the Company."

Century Petroleum Announces Name Change to Ibeto Cement International Corporation and Files for Ticker Symbol Change with FINRA

Written by Nasdaq GlobeNewswire on .

NEW YORK, June 28, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp. (OTC:CYPE) ("CYPE" or the "Company") today announced that the Company's Board of Directors and majority shareholders have voted to officially change the Company's name to Ibeto Cement International Corporation, reflecting the Company's new business direction. Century Petroleum has filed its plans for this proposed name change with the Financial Industry and Regulatory Authority (FINRA) and has requested a new ticker symbol that better suits the new name of the Company.

This name change is being taken pursuant to the Company's recently announced proposed reverse merger with the Nigerian Billionaire's Ibeto Cement Company Limited, a Nigerian limited liability company, doing business as Ibeto Cement. The new symbol is under review and will be forthcoming upon confirmation from FINRA. Ibeto Cement Company Limited is located in Bundu Ama, Port Harcourt, Rivers State of Nigeria.

Ibeto Cement began cement bagging operations at its bagging terminal in Port Harcourt in the year 2005. It is an ultra-modern bagging plant with a flat-storage capacity of 50,000 metric tons and a production capacity of 1,500,000 metric tons per annum, which translates to a production capacity of 4,000+ metric tons per day.

It has two (2) production lines, each with a capacity of 2,700 of 50kg bags per hour or designed total production capacity of 5,400 of 50kg bags per hour. It also has a third production line - popularly known as the "big/jumbo bag plant" - for big bags of 1,500 kilograms, and also a fourth production line for bulk cement powder which is loaded on special cement trucks fitted with tanks and discharge pumps.

An integral part of the plant facility is a modern purpose-built jetty (Ibeto Jetty) that can take in ships of 190+ meters long with a sophisticated and state-of-art ship-unloaders and mounted at the waterfront on the Jetty to facilitate discharge of bulk cement from offshore/foreign mother vessels.

In line with the Nigerian Backward Integration Policy (BIP) on cement and in response to the Federal Government's call to increase local production of cement, Ibeto Cement Company Limited acquired the premier Nigeria Cement Company Limited (Nigercem) which has a plant located in Nkalagu, Ebonyi State. The strategic acquisition of Nigercem is aimed at expediting Ibeto Cement's local production of cement by resuscitating the Nigercem plant and developing the project, as a brand new dry process plant.

Century Petroleum Appoints MaloneBailey as an Independent Auditor

Written by Nasdaq GlobeNewswire on .

NEW YORK, June 27, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp. (OTC:CYPE) (“CYPE” or the “Company”) is announced today that it has appointed MaloneBailey, LLP to serve as its new independent public accounting firm and independent auditor, effective immediately. After conducting an extensive evaluation, the board of directors selected MaloneBailey, LLP (www.malone-bailey.com). Malone & Bailey, is a Houston-based accounting firm ranked among top audit firms in America.

The company reached a decision to engage the selected PCAOB qualified auditor as part of its commitment to provide investors and the public markets with increased transparency of company operations as well as in order to prepare for “up-listing,” a process which requires U.S. GAAP, PCAB-audited financial statements as a primary requirement. Malone & Bailey will be performing a two-year audit to bring the Company current with its financials as the Company seeks to become SEC compliant.

Erroll A. Booker, Chief Executive Officer of Century Petroleum, stated, “We are delighted with the expertise MaloneBailey brings to the table, and we believe that MaloneBailey’s in-depth capabilities are closely align with our increasing larger economic footprint and strategic growth plans.”

Century Petroleum Corp. officially is in the process of changing the name to Ibeto Cement International Corporation and has moved the state of domicile from Nevada to Florida, documents have been filed in Nevada to close that corporation and the Florida Corporation has been established under the new name. This is needed to strategically align with the new management and control partners moving forward. The Company is in the process of filing the corporate action form with FINRA of the proposed changes.

Century Petroleum Corp. (OTCMKTS: CYPE) Jumps Back on the Radar

Written by James Hudson - Oracledispatch.com on .

About a month ago, we pointed out Century Petroleum Corp. (OTCMKTS: CYPE) as a reverse merger play that had taken off on the upside on huge volume. Then, we saw the stock go higher and eventually top out and recede without any further important updates on the process. Well, those looking for more guidance got it this week. Shares have ripped back higher as the company has hit the market with more information regarding the transaction.

To wit: the company just announced that there has been a change of control of the Company. As one may suspect there are several things going on with the Company. According to the release, “First and foremost, there has been a change of control to The Ibeto Group. The Company is in the process of auditing the past years of US operations and those of the target acquisition in Nigeria with full intention to file the Form 10 or S-1 registration statement just as soon as possible with the Securities and Exchange Commission.”

Century Petroleum Corp. (OTCMKTS: CYPE) had been operating as an oil and gas exploration company, marketing its services throughout the United States.

However, now this stock is going to represent share ownership of Ibeto Cement Company Limited, located in Bundu Ama, Port Harcourt, Rivers State of Nigeria.

Century Petroleum on the Move

Written by Nasdaq GlobeNewswire on .

NEW YORK, June 26, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp. (OTC:CYPE) ("CYPE" or the "Company") is pleased to update its shareholders that there has been a change of control of the Company. As one may suspect there are several things going on with the Company. First and foremost, there has been a change of control to The Ibeto Group.

The Company is in the process of auditing the past years of US operations and those of the target acquisition in Nigeria with full intention to file the Form 10 or S-1 registration statement just as soon as possible with the Securities and Exchange Commission.

Century Petroleum Corp. officially is in the process of changing the name to Ibeto Cement International Corporation and has moved the state of domicile from Nevada to Florida, documents have been filed in Nevada to close that corporation and the Florida Corporation has been established under the new name. This is needed to strategically align with the new management and control partners moving forward. The Company is in the process of filing the corporate action form with FINRA of the proposed changes.

Erroll A. Booker, the Chief Executive Officer of Century Petroleum Corp., stated, "I am extremely excited to take the reins. This is a team effort and now it is my turn to bring Ibeto Cement in Nigeria to the Company in America and that will be of great value for all our shareholders. I would ask all shareholders to be patient as we work through the complicated process which needs to be done correct and takes time," Booker concluded.

Ibeto Cement heralds Nigeria’s housing renaissance with global merger

Written by Bertram Nwannekanma - Guardian.ng on .

Confronted with the challenge of housing over 170 million people, various governments had through national development plans made frantic efforts towards ensuring adequate mass housing, especially in urban areas.

However, such efforts at addressing the deficits had not yielded the desired results, leaving the country with huge housing deficits estimated at over 17 million units.Also, the World Bank in 2016 projected that the country required about 700,000 housing units every year to curb this deficit.

According to the World Bank, it would cost the country about N59.5 trillion to address the housing deficits in the country as about 108 million Nigerians are estimated to be homeless, based on an average family of six people per housing unit.With the prevailing situation, it is apparent that the real estate sector required aggressive private sector intervention, especially in the area of building materials, which are major components in housing delivery.

It is in the light of this that the news of Ibeto cement ’s historic reverse merger with Century Petroleum Corporation, a United States of America publicly traded petroleum exploration and production company is heartwarming.Incidentally, a report by Morgan Stanley, a United States multinational financial services firm states that “cement consumption per capita tends to rise initially with rising GDP per capita but then falls as countries mature economically.” The country’s construction industry/sector is only 3.2 per cent of the Gross Domestic Product, GDP. Drawing from this fact, World Bank statistics confirm 60% of Nigeria’s estimated population of over 180 million (projected to grow between 3.8per cent and 4.5 per cent per annum) is caught in the trap of homelessness. Massive urbanization and infrastructural development are thus in the visible horizons.

Ibeto cement to make history as first Nigerian firm to list in U.S

Written by Tosan Olajide - FinancialWatchNgr.com on .

 

Ibeto cement to make history as first Nigerian firm to list in U.S. Stock Exchange – Ibeto Cement Company Limited has announced a historic reverse merger through its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly-traded petroleum exploration and production company. A statement by the firm stated that it had acquired 70 per cent control of Century Petroleum Corporation resulting in the reverse merging of Ibeto Cement’s assets into Century Petroleum.

By this reverse merger, which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the U.S. Stock Exchange. Dr. Cletus M. Ibeto, who had already taken over as Chairman of the Board of Directors, said: “It has been a long journey since I have been in business and none of our companies or businesses has gone public so far. In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me.”

He lauded stakeholders in the historic merger, including the government, shareholders, investors, and the larger Nigerian society for this landmark development, which will improve the level of actualisation of the huge cement business opportunities around Africa.

“Everybody knows that Ibeto Group has billions of dollar investments in Nigeria; but the time has come to replicate the successes we have enjoyed in Africa and globally. Century Petroleum Corporation is the vehicle for using our wealth of experience for the benefit of people within and beyond Africa.

Ibeto cement firm reverses merger decision, set for listing in U.S.

Written by The Editor: Guardian.ng on .

Ibeto Cement Company Limited has announced a historic reverse merger through its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly-traded petroleum exploration and production company.A statement by the firm stated that it had acquired 70 per cent control of Century Petroleum Corporation resulting in the reverse merging of Ibeto Cement’s assets into Century Petroleum.

By this reverse merger, which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the U.S. Stock Exchange. Dr. Cletus M. Ibeto, who had already taken over as Chairman of the Board of Directors, said: “It has been a long journey since I have been in business and none of our companies or businesses has gone public so far. In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me.”

He lauded stakeholders in the historic merger, including the government, shareholders, investors, and the larger Nigerian society for this landmark development, which will improve the level of actualisation of the huge cement business opportunities around Africa.

“Everybody knows that Ibeto Group has billions of dollar investments in Nigeria; but the time has come to replicate the successes we have enjoyed in Africa and globally. Century Petroleum Corporation is the vehicle for using our wealth of experience for the benefit of people within and beyond Africa.

Ibeto Cement acquires U.S. oil firm

Written by Robert Egbe : TheNationOnlineNg.net on .

IBETO Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company.

The company said it acquired 70 per cent of Century Petroleum, resulting in the reverse merger of the cement manufacturer’s assets with the U.S. firm’s.

A reverse takeover or reverse merger takeover is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public.

The transaction typically requires reorganisation of capitalisation of the acquiring company.

The Ibeto Group Chairman/Chief Executive Officer, Dr. Cletus M. Ibeto, has taken over as Chairman of the firm’s Board of Directors, Ibeto Cement said in a statement to The Nation yesterday.

It described the deal as a “historic reverse merger” which had paved the way for Ibeto Cement’s listing on the U.S. Stock Exchange.

It added: “By this reverse merger which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the United States Stock Exchange.”

Dr. Ibeto, according to the statement, explained the strategy behind the merger.

He said: “It has been a long journey since I have been in business and none of our companies or businesses has gone public so far.

“In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me.”

He lauded stakeholders in the historic merger “including the government, shareholders, investors, and the larger Nigerian society for this landmark development which will improve the level of actualisation of the huge Cement business opportunities around Africa.

The Making of a Nigerian Company into a Global Firm

Written by The Making of a Nigerian Company into a Global Firm on .

In less than two decades, Ibeto Cement Company Limited has become a household name in Nigeria’s construction industry. Its recent strides in the industry, especially on the global scene is an indication of its passion for excellence and global best practi

THISDAY2 Jun 2018
The dominance of Ibeto Cement, in the SouthEast of Nigeria as a whole, is lent credence with the recent stride made by the company that has its eyes on the international markets beyond the shores of Nigeria. It is one of the players in the fast-growing cement industry in Nigeria and, by extension, Africa. To increase its production and packaging capacity, the company is currently developing two cement plants in Nigeria: one in Ebonyi State and one in Cross River State/ Abia State. Each plant is a state-of-the-art 6,000 tonne per day plant sitting on abundant deposits of quality limestone at both ends

The cement giant, Ibeto Cement Company, is a forward-looking business concern that is committed to global best practices. It is a dominant player in Nigeria’s cement manufacturing sector with a major control of the South-East market and nationwide acceptance as a leading manufacturing company. Some have claimed –apparently more out of personal opinions rather than facts –that Dangote Cement controls 65 per cent of the market share of cement in Nigeria. Even though Dangote ranks as the biggest player in the industry, the claim that it controls 65 per cent of the cement market cannot be true as there are no authentic statistics to back that up. While, admittedly, Dangote Cement is a popular brand of cement, Ibeto and other cement manufacturers (like Lafarge) also have considerable share of the market.

The dominance of Ibeto Cement, in the South-East of Nigeria as a whole, is lent credence with the recent stride made by the company that has its eyes on the international markets beyond the shores of Nigeria. It is one of the players in the fast-growing cement industry in Nigeria and, by extension, Africa. To increase its production and packaging capacity, the company is currently developing two cement plants in Nigeria: one in Ebonyi State and one in Cross River State/ Abia State. Each plant is a state-of-the-art 6,000 tonne per day plant sitting on abundant deposits of quality limestone at both ends.