SAN DIEGO, CA, June 11, 2024 (GLOBE NEWSWIRE) -- - Spin-out is in process with a final plan expected by 30 June 2024
- Regreen founder to return 10 million shares to Astra treasury
This follows recent News article: Astra Energy Inc. Enters Material Definitive Agreement for Power Generation in the Digital Coin Mining and Data Center Marketplace
Astra Energy Inc.(OTCQB: ASRE) (“Astra” or the “Company”) would like to provide a shareholder update on the spin-out of Regreen Technologies Inc. ("Regreen").
On Sept. 06, 2023, Astra announced that it would commence the process of spinning out its subsidiary Regreen into an existing entity on a U.S. exchange or listing it on a U.S. exchange with an accompanying IPO.
On March 8, 2024, Astra announced the closing of a joint venture transaction with Powertron Global LLC ("Powertron") in which it would move the Regreen waste-to-energy technology into the new joint venture company. The parties intend to build a power company in the waste-to-energy sector that would own and operate projects as an independent power producer. The company would sell that power to customers while providing them waste-to-energy solutions on a long-term contract basis.
In exchange for moving the technology into the new joint venture company, Powertron paid Astra $1 million in cash, agreed to pay an additional $4 million in 180 days and to deliver a 40% equity interest in a new public company listed on a U.S. Exchange. The plan of arrangement to complete this listing will be outlined by June 30, 2024. Astra plans to distribute those shares to the shareholders of record at the time of the closing.
On April 11, 2024, Astra executed a Stock Redemption Agreement with Albert Mardikian in which 10,000,000 Astra shares that were issued to him based on certain deliverables would be returned to the treasury in exchange for the Astra will deliver its 92% equity interest in Regreen to him. The main conditions of the transaction are that a portion of the proceeds from the Astra-Powertron joint venture would be shared with him, all debt and liabilities in Regreen as a private company would be his responsibility and any potential issues between the parties would be settled.
Although both transactions have conditions to be met and are not fully completed, we hope that this provides information in response to recent inquiries regarding both interrelated transactions. Our objective is to generate the most value possible and act in the best interest of the shareholders of Astra. On closing the appropriate filings will be made.
Contact Information:
$ASRE Corporate Communications:
IR@astraenergyinc.com | +1 (800) 705-2919
For more information on Astra Energy Inc., visit the Company’s website at www.astraenergyinc.com.
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About Astra Energy Inc.
Astra Energy Inc. is an integrated solutions provider investing in and developing renewable and clean energy projects in markets where demand is high, supply is limited and there is an opportunity to address other imminent market needs. Astra’s corporate strategy is rooted in securing technologies and assets; identifying viable market opportunities; and bringing together resources, expertise, technology, and defined action plans to execute first-in-class projects that benefit communities, local economies, the planet, and the Company’s investors.
Its goal is to create a more secure and sustainable power sector that supports the Company’s purpose, mission, and values to transform the economic, environmental, and social landscape for generations to come.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements. In evaluating these forward-looking statements, readers should consider various factors, including the Company’s ability to change its direction, its ability to keep pace with new technology and changing market needs, and the competitive environment of its business. These and other factors may cause the Company’s actual results to differ materially from any forward-looking statement.
