Dropping oil prices force merger of Bayside Petroleum, iSeeAutomation

iSeeAutomation says merger with Bayside Petroleum will help reduce the overall costs of producing energy

Bayside Corp. (OTC PINK: BYSD) announced the merger of Bayside Petroleum Company, Inc., and iSeeAutomation, Inc., a vision guided automated technology company on Monday.

Bayside Petroleum

American oil rig count drops under 1,000, production likely to drop later in 2015.

The ongoing slump in oil prices resulted in Technis Energy, Ltd. exercising an option under the previous deal terms with Bayside Corp. to rescind the acquisition of Bayside Petroleum Company, Inc. the parties said in a press release.

The continued downward spiral in oil prices forced the decision by Technis Energy, Ltd. directors.

As a result, iSeeAutomation, Inc. has acquired Bayside Petroleum Company, Inc. under the previous deal terms between Bayside Corp. and Technis Energy, Ltd. The merger of the two companies was made effective Monday and as a result the new entity will retain the name iSeeAutomation, Inc.

Additionally, Common Stock shareholders of Bayside Corp. will also receive a stock dividend of iSeeAutomation, Inc. subject to regulatory approval as stated previously, while current Bayside Corp. CEO, Gordon Johnson will oversee the registration of iSeeAutomation, Inc. on the U.S Over the counter markets as also stated previously.

The collapse in oil prices creates the backdrop for this merger. As energy companies race to be more competitive, reducing oil production costs is a major priority for energy companies all around the world. iSeeAutomation, Inc. says it has chosen to seize the market opportunity and implement innovative technology that can reduce the overall costs of producing energy.

About Bayside

Bayside Corp. is an American multinational corporation that manages multiple subsidiary companies engaged in a variety of business industries and sectors. For additional information about Bayside Corp. please visit: www.baysidecorp.com

About iSeeAutomation

iSeeAutomation, Inc. implements 22nd century vision guided automation technology for today’s modern world. The company utilizes yesterday and today’s innovations to revolutionize the world as we know it. For more information bout iSeeAutomation please visit www.iseeautomation.com

Posted in: Energy Financial

1 Comment on "Dropping oil prices force merger of Bayside Petroleum, iSeeAutomation"

Trackback | Comments RSS Feed

  1. Stephen Bell says:

    Hello, I just so happen to be a shareholder of Bayside. When will we be notified of these dividends that we are suppose to receive of iSeeAutomation? I’ve had shares of Bayside for years and this is the first I’ve heard of this. Is there anything you can do to find out this information so I could tell other shareholders. Any help with this mattr would be greatly appreciated.
    Thank you,
    Stephen Bell

Post a Comment