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.
Additionally, the Ibeto Cement Company Limited is also developing another 6,000 Metric Tons Per Day (TPD) Cement plant at Cross River State/Abia State of Nigeria.
Terms of the proposed reverse merger will incorporate a minor change of capital structure, whereas, restricted shares of the company will be issued to The Ibeto Group for the acquisition of Ibeto Cement Company Limited, all of its subsidiaries and assets such shares will be restricted. The Ibeto Group has agreed not to trade such shares during this restrictive period. There will be no change to the public float as all the shares pertaining to the planned reverse merger transaction will be restricted.
Erroll A. Booker, Chief Executive Officer of Century Petroleum, stated, "We are very excited about how things have progressed over the past few weeks with the recently proposed business combination between Ibeto Cement Company Limited and Century Petroleum Corp. This upcoming name change to Ibeto Cement International Corporation and corresponding ticker symbol change more appropriately reflects our strategic initiative to continue to build ourselves as an industry leader in the Cement space."
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
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Source: Century Petroleum Corp