Innovation Beverage Group Acquires Controlling Interest in BlockFuel Energy

Innovation Beverage Group Ltd. (IBG) acquired a controlling 51% stake in BlockFuel Energy Inc. (BFE) through a share exchange with certain BFE shareholders. The parties also executed an amended and restated merger agreement, under which BFE is expected to become a wholly owned subsidiary of IBG and BFE equity holders are expected to hold about 90% of the combined company (subject to customary adjustments).