Petrogres Co. Limited agreed to acquire 800 Commerce, Inc. in a reverse merger transaction.
March 02, 2016
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Petrogres Co. Limited agreed to acquire 800 Commerce, Inc. (OTCPK:ETHG) in a reverse merger transaction on February 19, 2016. As per the transaction, 1 million shares, representing all outstanding shares of the common stock of Petrogres for136 million shares will be issued as a result of which, Petrogres will own approximately 85% stake in 800 Commerce. The transaction may be terminated if the closing has not occurred on or before March 7, 2016. The name of 800 Commerce shall be changed to Petrogress Int'l & Partners Inc. Three members of 800 Commerce shall be elected by Chis Traios in order to join the Petrogres Board. Petrogres Chief Executive Officer Christos Traios, was appointed to the Board of Directors and B. Michael Friedman subsequently resigned as an Officer and Director. The transaction is subject to the approval of Board of Directors of ETHG and has been approved by the shareholder of Petrogres. The acquisition is expected to be completed by March 7, 2016.
Petrogres Co. Limited completed the acquisition of 800 Commerce, Inc. (OTCPK:ETHG) in a reverse merger transaction on February 29, 2016.
Petrogress, Inc., formerly 800 Commerce, Inc., is a holding company. The Company, along with its subsidiaries, is engaged in international trading and shipping business. The Company is engaged in exploring the potential for acquiring or purchasing or leasing newly built liquefied natural gas (LNG) vessels in the United States to be used for the supply and sea freight of the United States LNG exports. The Company's subsidiary, Petrogres Co. Ltd. (Petrogres), operates as an oil commodity company in West Africa. Its other subsidiaries are Petronav Carriers LLC (Petronav) and Petrogress Oil & Gas Energy Inc. (Petrogress Energy). Petronav focuses on primarily managing the day-to-day operation and handling of the tanker fleet it manages. Petrogress Energy is primarily focused on investigating the feasibility of acquiring oil fields in Texas so that the Company can expand its operations into the LNG market within the United States market.
PETROGRESS, INC. 
