eCarfly CEO to Transfer All Stock to Alternative Fuels Company Upon Merger Completion
DALLAS--eCarfly, Inc. (Pink Sheets:ECFL) announced today that Desmond Milligan, CEO of eCarfly, Inc., has publicly declared that all internal stock has and will continue to be withheld from any sales. In addition, Mr. Milligan announced that upon the completion of the merger with the Alternative Fuels Company (AFC), all internal stock will be transferred to the principals of the merging company and will be restricted for a two-year period thereafter.
In attempt to maintain the company’s continually progressing stock value, Mr. Milligan has chosen to make public that he has withheld all his internal stock that was initially issued at the time that eCarfly became a publicly traded company. Upon the completion of the merger with the AFC, Mr. Milligan will complete necessary requirements with the SEC to properly transfer all internal stock into the ownership of the AFC’s officers.
Due to Rule 144 of the SEC regulations, once the described stock has been transferred, principals of the AFC will not legally be permitted to sell any said stock into the open market for a period of two years (24 months). The two-year holding period will begin once the merger has been completed and all necessary documents have been signed. The Stock Purchase Agreement was submitted to the AFC on March 1, 2007 and remains on schedule to be reviewed and returned for any revisions by Friday, March 9th, 2007.
“Our primary objective at eCarfly is to take every measure possible to increase the value of our company and always remain creditable to our shareholders. I am pleased to announce that every share allocated since the inception of eCarfly have been withheld from any sales in the open market. I will continue to withhold any sales of internal stock to ensure the longevity of this successful increase in our stock value. As stated above, all shares will be transferred to the AFC once the merger has been successfully completed. In doing so, shareholders can rest assured that market flooding will not be a concern in our ongoing efforts to maintain a healthy increase in the value of our stock. We believe that our shareholders will find it very pleasing that without a single internal share sold, ECFL stock has traded over 200 million shares and risen over 700% as a direct result of merger discussions with the AFC. We will continue to release a balanced amount of press to update all our shareholders on the merger with the AFC,” stated Desmond Milligan, CEO of eCarfly, Inc.