RTS Oil LLP completed the acquisition of Geo Point Technologies, Inc. (OTCBB:GNNC.D).
April 26, 2013 at 12:00 am EDT
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RTS Oil LLP signed a non-binding letter of agreement to acquire Geo Point Technologies, Inc. (OTCBB:GNNC.D) in a reverse merger transaction on December 12, 2012. Geo Point Technologies issued 69.9 million shares for acquiring 100% stake in RTS Oil. Geo Point Technologies's Board of Directors adopted a resolution to change the name to RTS Oil Holdings, Inc. Rafael Gavrielov will operate as Chief Executive Officer, and Chairman of the Board of Directors; Ashot Sarkisian, Gafur Kassymov, Grigory Veksler, and Jeffrey R. Brimhall as Directors; and Jeffrey T. Jensen as Vice President and Secretary. The transaction is subject to normal and customary due diligence and the completion of an audit of RTS that complies with GAAP. The transaction is expected to be completed during the first quarter of 2013, depending upon the completion of the respective parties' due diligence of each other, the timing of the RTS audit, regulatory approvals, approval by the Board and shareholders of Geo Point, waiver of pre emptive rights, execution of employment agreements and the negotiation and execution of a definitive agreement.
RTS Oil LLP completed the acquisition of Geo Point Technologies, Inc. (OTCBB:GNNC.D) in a reverse merger transaction on April 26, 2013. Post closing, RTS Oil will be renamed as RTS Oil Holdings, Inc. Geo Point named Rafael Gavrielov, Founder and Chairman of RTS Oil, as the new Chairman and Chief Executive Officer of Geo Point Technologies, Inc. In addition, Geo Point also reconstituted Board of Directors. The new Doard includes Rafael Gavrielov, Ashot Sarkisian, Gafur Kassymov, Grigory Vexler and Jeffrey Brimhall. Jeffrey Jensen, former President and Chief Executive Officer of Geo Point, will remain as Vice-President and Secretary.
RTS OIL HOLDINGS, INC. is a distributor of refined oil products in the wholesale and retail markets in southern Kazakhstan. The Company operates 19 gasoline stations and seven crude oil and fuel terminals (fuel tank farms). Of the seven fuel tank farms, it owns one fuel tank farm and leases six others with total storage capacity of more than 40,000 tons of crude oil and refined oil products. The Company also owns a fleet of 28 trucks with capacities ranging from 20 to 34 tons of diesel/gasoline. Refined products are sold wholesale to other distributors and retail via RTS gasoline stations. The Company also supplies furnace fuel to refineries in the Kyrgyz republic for further processing. It holds approximately 70% of Geo Pointâs issued and outstanding common stock. The Company also owns and operates an oil refinery in Karatau, Kazakhstan, that refines crude oil into diesel fuel, gasoline, and mazut heating oil.