Sam Fletcher
OGJ Online
A merger is transforming a former Oklahoma independent natural gas exploration and development company into an international internet firm focusing on e-business, e-commerce and e-telecommunications, the company's new president reported Thursday.
Broken Arrow Petroleum Co. acquired American Telepath Inc., an international long-distance telephone carrier, through a stock-swap last week. But the oil company's officers and directors then immediately resigned in favor of the former officers and directors of American Telepath.
Broken Arrow "will now explore, develop, and build a pipeline of e-business, e-commerce, and e-telephony throughout the world," said Garry McHenry, its newly appointed president.
The changeover happened quickly, says McHenry. He said Broken Arrow lost its drive when its founder and president died 8 years ago. It has no gas or oil reserves, or other assets for the new management to dispose of, McHenry told OGJ Online.
Both companies are incorporated in Wilmington, Del., where at the close of business May 31, Broken Arrow will reorganize under the new name of 3eee Inc.�3e, for short, officials say�to signify its three-pronged focus on the new e-business segments. The company also is to do a 62.5-to-1 reverse split of its stock at that time.
Meanwhile, McHenry says, "New growth will come from planned internet, telephony, and fulfillment infrastructure-related acquisitions, with particular focus on the business-to-consumer market."
Backed by Lilly Beter Capital Group Ltd., the firm has access to "several million dollars" with which to finance additional international mergers and acquisitions, McHenry said.
