Toronto, ON, June 24, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Atlantic Wind & Solar Inc. (OTC: AWSL) is pleased to announce the acquisition of KB Industries Inc. in a share exchange transaction and termination of its agreement with Watson Energy Investments, LLC.
The announcement of the acquisition between Atlantic and KB Industries follows months of negotiations and maintains Atlantic’s business model of sustainable infrastructure development.
About KB Industries Inc.
K.B. Industries, Inc. (KBI) created the world's first flexible porous paving in 2001 and offers a comprehensive suite of proven products and solutions to solve the toughest infrastructure challenges. From its category leading KBI Flexi®-Pave to its newest innovations in water treatment and shoreline protection, KBI combines technology and experience to solve problems using innovative materials and designs.
The Company recreated and revolutionized the porous paving industry with the introduction of the original KBI Flexi®-Pave. By combining recycled passenger tire rubber along with rock aggregate in a monolithic surface, KBI created a massively porous, but structural material that can be used for a variety of infrastructure applications to great success. KBI Flexi®-Pave has more than a decade of proven testing and successful project installations across the globe.
KBI is proud to have worked with some of the most respected clients around the world, helping them solve problems and providing them the best solutions available. Some of our notable installations include Yellowstone National Park, Arlington National Cemetery, Disney, Smithsonian Institute, Westminster Abbey and the City of Key West FL, to name but a few.
For more information visit: www.kbius.com
As part of the acquisition and plan of re-organization Mr. Kevin Bagnall, founder and President of KB Industries was appointed Chairman, President and CEO of Atlantic Wind & Solar.
The “Share for Share Exchange and plan of re-organization” will result in Atlantic issuing 230 million Series A restricted common shares and 100,000 Series B Super-voting Common Shares to the shareholders of KB Industries in exchange for 100% of the shares of KBI. Shares issued will be issued under appropriate exemption from registration and will contain substantial resale restrictions.
Additional news and updates regarding Atlantic and KBI are expected to follow in subsequent news releases.
Termination of Watson Energy Investments
Since Atlantic’s signing of its agreement to acquire Watson in late 2018 management of Watson have been unable to provide requisite financial information to Atlantic’s accountants to conclude the year end 2018 and subsequent financial reports. Moreover, the two operating wells were not vended in pursuant to the agreement with Watson. Given this, it was deemed in the best interest of the shareholders to enter into a termination rescission and mutual release with Watson and to focus on its current operations. The 200 million shares issued in the transaction were rescinded.
Filings on OTC Markets
Following the termination, the Company’s accountants have advised that the Fiscal 2018 year-end along with Q1 2019 are being prepared. The Consolidation of KB Industries will commence starting late Q2/ Q3 2019.
Commenting on the news, Kevin Bagnall, Atlantic Wind & Solar’s President & CEO, stated, “I am very excited about the merger with AWSL. We are well positioned for solid growth and the enhancement of shareholder value.”
Management looks forward to updating its shareholders in coming press releases.
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