Power Conversion Technologies, Inc. cancelled the acquisition of Elite Group, Inc. in a reverse merger transaction.
February 27, 2020
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Power Conversion Technologies, Inc. entered into a binding letter of intent to acquire Elite Group, Inc. (OTCPK:ELTZ) in a reverse merger transaction on December 18, 2019. Under the terms of the transaction, Elite Group will issue its 19,000 shares of Series A, 20,000 shares of Series B and 500 shares of Series C shares to seller in the transaction. In addition, Elite Group shall pay an amount equal to $600,000 to PCTI which may be paid in multiple tranches with the total payment amount being paid in full at the latest upon execution of the definitive agreement or at such other date as shall be specified by the parties. The Parties acknowledge that any breach by any of PCTI and/or the Shareholders of any of their respective obligations an initial penalty equal to $0.5 million to be paid by Shareholders and/or PCTI. The parties agree that this LOI and the execution of a definitive agreement is subject to and contingent upon Elite Group having first declared itself satisfied with the results of its due diligence of PCTI within a period of 60 days from the date of the execution of this Binding LOI. The Parties further undertake that prior to the closing, each of Elite Group and PCTI shall have obtained all requisite consents and approvals including, without limitation, board of director approval and shareholder consent, as are necessary for the approval of the transaction, and the execution of all related documents including, without limitation, the definitive agreement.
Power Conversion Technologies, Inc. cancelled the acquisition of Elite Group, Inc. (OTCPK:ELTZ) in a reverse merger transaction on February 28, 2020. Power Conversion Technologies, Inc. signed a binding letter of intent to acquire Ozop Surgical Corp. (OTCPK:OZSC) in a reverse merger transaction on February 28, 2020. The deal with Elite Group, Inc had fell through.
Ozop Energy Solutions, Inc. invents, designs, develops, manufactures, and distributes ultra-high-power chargers, inverters, and power supplies for a variety of applications in the defense, heavy industrial, aircraft ground support, maritime and other sectors. The Company operates through its subsidiaries, which include Ozop Energy Systems, Inc. (OES) and Ozop Engineering and Design, Inc. (OED). OES is a distributor of renewable energy products and is primarily engaged in the renewable, electric vehicle (EV), energy storage, and energy resilience sectors. OES is engaged in multiple business lines that include project development as well as equipment distribution. Its solar and energy storage projects involve large-scale battery and solar photovoltaic (PV) installations. OED is a premier engineering and lighting control design company. OED offers product and design support for lighting and solar projects, with a focus on fast lead times and technical support.