MMC Energy, Inc. Announces Inquiry.
PR Newswire Europe, February, 2007
NEW YORK, February 20 /PRNewswire/ --
MMC Energy, Inc. (OTC Bulletin Board: MMCN) today announced that it has learned that 1.0 million shares issued pursuant to a 12.0 million share private placement MMC consummated in May 2006 were purchased by an entity controlled by Louis Zehil, who at the time of the purchase was a partner of MMC's external legal counsel for the transaction, McGuireWoods LLP. MMC believes that Mr. Zehil improperly caused MMC's transfer agent not to place a required restrictive legend on the certificate for these 1.0 million shares and that he may then have caused the entity to resell some or all of these shares. MMC currently has a total capitalization of 48.1 million shares.
MMC learned of these circumstances in connection with...
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