Electra, Texas, March 27, 2023 (GLOBE NEWSWIRE) — American International Holdings Corp. (OTCQB: AMIH), a diversified holding company, is pleased to announce that it has entered into a Share Exchange Agreement with Cycle Energy Corp. and Marble Trital Inc., the sole shareholder of Cycle Energy whereby the Shareholder exchanged 100% of the ownership of Cycle Energy in consideration for 1,000,000 shares of the Series A Preferred Stock of the Company. Pursuant to the Exchange Agreement, which closed on February 15, 2023, Cycle Energy is now a wholly-owned subsidiary of AMIH.
The Shareholder’s beneficial owner, Mr. Michael McLaren, was appointed as the Company’s new Chief Executive Officer and the Company appointed Mr. James Pendergast to serve as the Company’s new Chief Financial Officer. Furthermore, and in connection with the recent acquisition, the Company has determined to change its main operational focus to owning, acquiring, managing and operating various cash flowing opportunistic energy, oil and gas opportunities and has such divested the majority of its healthcare related holdings, provided the Company also plans to continue certain healthcare related activities post-closing.
“The acquisition of Cycle Energy Corp. is the next fundamental step in our evolution as a company,” stated Mr. McLaren, CEO of American International Holdings Corp., who continued, “With our business strategy of ‘Acquire, Restore, Produce’ using our state-of-the-art equipment and technologies, we believe being a fully reporting issuer traded on the OTCQB markets will allow us to grow at a faster pace than ever before.”
About Cycle Energy Corp.
Cycle Energy Corp. is a diversified energy company based in the state of Texas and currently operates three vertically integrated businesses.
- Cycle Oil and Gas. This wholly-owned Texas subsidiary focuses on acquiring and optimizing underdeveloped oil and gas assets. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs. Cycle Oil and Gas currently produces approximately 30 barrels of oil per day from 16 leases on approximately 2,000 acers. The company currently has 125 wells on lease to reactivate. Since acquiring the leases in July 2022, Cycle Oil and Gas has increased production from an average of 7 barrels/day to 30 barrels per day. After reviewing well control data in the area Cycle Oil and Gas believes that there is more recoverable oil available on these leases.
- Cycle Energy Services. This wholly-owned Texas subsidiary supports Cycle Energy’s overall exploration and production efforts with “well services” and “end of life reclamation.” Cycle Energy Services owns and operates a combination of customized service-wireline rigs and HydroVac units. This cutting-edge equipment allows for faster “rig in” and “rig out” times. Overall, Cycle Energy Services equipment and experience combination seeks to reduce the amount of time and fuel burned to complete an abandonment or workover thus reducing costs.
- Cycle Energy Technologies. This wholly-owned Texas subsidiary provides both R&D and existing technology to enable increased production in the field. Cycle Energy’s flagship intellectual property is its mobile Gas To Liquid system. This is used to convert natural gas and other gaseous hydrocarbons into longer-chain hydrocarbons, such as gasoline or diesel fuel.
Each of Cycle Energy’s three vertically integrated businesses operate in tandem to help Cycle Energy capture unique opportunities that often go untapped by the company’s competitors. To learn more about Cycle Energy Corp., please see our Twitter page at https://twitter.com/CycleNRG.
A complete description of the acquisition and related transactions can be found in the Company’s Current Report on Form 8-K, filed with the Securities Exchange Commission (“SEC”) on March 27, 2023, and available at www.sec.gov.
About American International Holdings Corp.
American International Holdings Corp. (OTCQB:AMIH) is an investor, developer and asset manager diversified across the energy supply chain. Today the AMIH portfolio encompasses Cycle Energy Corp., a diversified energy company based in the state of Texas that currently owns and operates three vertically integrated businesses – Cycle Oil and Gas, Cycle Energy Services and Cycle Energy Technologies.
