EasTower Group, Inc. completed the acquisition of OV2 Investment 1 Inc. (TSXV:OVO.P) in a reverse merger transaction.
In conjunction with the transaction, EasTower intends to complete a brokered private placement to secure a minimum of CAD 3 million gross proceeds from an equity financing. OV2 Investment 1 proposes to change its name to "EasTower Group Holdings Inc." and, upon completion of the Transaction, will carry on the business of EasTower. Upon completion of the transaction, it is anticipated that all of the existing directors and officers of OV2 will resign. Vlado P. Hreljanovic, President and Chief Executive Officer of EasTower will lead the new management team. Margaret Perialas will be Executive Vice-President and Director, Paul Perialas will be Chief Financial Officer and Chief Operating Officer, Ted Boyle, Fred Buzzelli and Joe Liberman will be Directors. Trading in the common shares of OV2 has been halted. Completion of the transaction is subject to a number of conditions, including but not limited to, completion of satisfactory due diligence, execution of a binding definitive agreement between the parties, receipt of all applicable regulatory, third-party and board approvals and consents and TSXV approvals, EasTower Group and OV2 shareholder approval, completion of OV2 private placement of subscription receipts, completion of OV2 Pre-Closing Reorganization, and completion of the financing for gross proceeds of at least CAD 3 million, among others. A meeting of shareholders of OV2 Investment 1 Inc. will be held on June 17, 2021. The board of directors of each OV2 and EasTower Group approved the transaction. Robbie Grossman of DLA Piper (Canada) LLP acted as legal advisor to EasTower Group and Michael Partridge of Goodmans LLP acted as legal advisor to OV2.
EasTower Group, Inc. completed the acquisition of OV2 Investment 1 Inc. (TSXV:OVO.P) in a reverse merger transaction on March 11, 2022. OV2 Investment changed its name from OV2 Investment 1 Inc. to EasTower Wireless Inc. and will start trading on the TSXV under the symbol ESTW on or about March 29, 2022. The board of directors of EasTower Wireless now consists of five directors: Vlado P. Hreljanovic, Margaret Perialas, John Edward Boyle, Fernando David Buzzelli and Joel Liebman. The officers of EasTower Wireless are Vlado P. Hreljanovic (Chief Executive Officer and President), Kyle Appleby (Chief Financial Officer) and Margaret Perialas (Executive Vice-President and Corporate Secretary).