History
A small company that began in sports and heart devices moved through oil, uranium, biofuel and coal-to-fuel deals, repeatedly paying in shares and reversing several, before turning to a Hong Kong cancer-technology stake in 2012.
2005-2008: From sports and heart devices to oil and uranium
In September 2005 the company, then called Advanced Sports Technologies, merged with CardioBioMedical Corporation, which held North American rights to a heart-disease diagnostic device that had not yet sold any units. The Better Buns licence had been terminated, and James Mongiardo replaced Curtis Olschansky as chief executive. The deal allowed for up to 22,077,509 shares and a warrant for 6,500,000 shares.
It did not last. In April 2006 the company bought a 10% working interest in the BBB Area oil exploration project in Wharton, Texas for 20,000,000 restricted shares, renamed itself Odyssey Oil & Gas and handed CardioBioMedical back. The 22,077,509 shares returned to treasury and the warrant was cancelled. Arthur Johnson became President, and 31,097,500 shares were outstanding afterwards.
The company then widened its range. In November 2007 it agreed to buy Uranium Acquisition Corp, whose sole asset was a 49% stake in a uranium exploration prospect at Bela Bela, South Africa, issuing 5,000,000 shares with more to follow on benchmarks. In June 2008 it agreed to buy Alg Bio Oils for 30,000,000 shares plus benchmark shares. Its South African unit had a letter of intent with Xstrata Alloys on a bio-fuel project, still at the study stage.
2009-2010: Batteries, then a share-funded push into China
In May 2009 Odyssey Oil & Energy agreed to take 51% of H-Power, a hybrid battery technology licence holder, for 95,000,000 shares. By March 2010 the deal was unwound: the stake was disposed of, the 65,000,000 shares issued were cancelled, and H-Power was to repay money lent to it.
August 2010 brought a sharper turn. The company agreed to buy C2E International, which held coal-to-fuel technology, issuing 51,454,500 shares to Interco Holdings. A 6-for-1 reverse split followed, cutting issued shares from 300,000,000 to 50,000,000, and then 600,000,000 new shares went to the sellers, a change of control. Authorised common shares rose to 1 billion, and Johnson and Nick Theunissen stepped down as President and Chairman but stayed as directors.
In September, now named C2E Energy, Inc., it bought three more businesses (methanol fuel, crop-based fuel and water treatment) for 190,000,000 shares, and asked China's National Development and Reform Commission to certify the coal-to-fuel technology, a process of about six months. In October it signed with Beijing Jinyuan Taiye, taking on duties to raise $128 million, $171 million and $2 million for power stations and a stake in that company, and agreed to buy Biomass Global for 220,000,000 shares.
2011-2012: Deals cancelled, a new direction
In March 2011 the company agreed to buy the Yorkshire Energy Holding and Yorkshire Trading businesses for 100,000,000 shares. The same filing said two October 2010 deals, Beijing Yihaotong and Dongguan NaMing, had been cancelled after due diligence with no stock issued. The Yorkshire deal was itself cancelled by mutual agreement on February 12, 2012, and the 100,000,000 shares were returned for cancellation.
On March 2, 2012 the company agreed to acquire 60% of Xie He Holdings, a Hong Kong company with rights to superantigen technology used in cancer and HIV treatment, and issued 50,000,000 restricted shares for it. As of August 8, 2012 the company disclosed no debt. The Jinyuan Taiye fundraising and the Chinese certification were still listed as pending, and the record gave no outcome for either.
Written from the 11 story beats below (2005 to 8 Aug 2012), which come from the company's own announcements and filings.