C-Bond will trade as WETM until name and symbol change are completed
Company raises more than $1.2 million in equity capital at closing
HOUSTON, April 26, 2018 (GLOBE NEWSWIRE) -- C-Bond Systems, LLC (the “Company” or “C-Bond”), an advanced nanotechnology company that improves and strengthens brittle materials, announced today that it has completed a merger agreement and plan of reorganization by and among West Mountain Alternative Energy, Inc. (“West Mountain”) (OTC:WETM), and WETM Acquisition Corp. (the “Merger”). Pursuant to the Merger, all of the outstanding common units of C-Bond that were issued and outstanding immediately prior to the closing of the Merger were converted into an aggregate of 63,505,787 shares of West Mountain’s common stock. As a result, each common unit of C-Bond was converted into approximately 3.23 shares of West Mountain’s common stock. The Company plans to change the name and stock symbol of WETM in the near future, subject to shareholder approval, to something that more closely aligns with C-Bond’s business.
Contemporaneously with the closing of the Merger, the Company closed on the sale of 3,100,000 shares of West Mountain common stock pursuant to a private placement at a purchase price of $0.40 per share, for aggregate gross proceeds of $1.24 million.
C-Bond is engaged in the implementation of proprietary nanotechnology applications and processes to enhance properties of strength, functionality and sustainability of brittle material systems with a strong focus in the glass industry. The C-Bond™ technology enables ordinary glass to dissipate energy by permeating the glass surface and detecting microscopic flaws and defects that are randomly distributed over the glass surface. C-Bond’s unique qualities then work to locate and repair the identified surface imperfections that weaken the glass composite structure and ultimately act as failure initiators.
To date, C-Bond has filed, licensed and/or acquired a total of 22 individual patents and patent applications spanning core and strategic nanotechnology applications and processes. C-Bond’s advanced patent portfolio was developed in association with experts from Rice University, which is a C-Bond shareholder, and Swansea University based in the United Kingdom.
C-Bond’s newest product, C-Bond NanoShield™, is a patented nanotechnology windshield glass strengthening and hydrophobic (water repellent) all-in-one performance system. It is designed to improve windshield safety and performance by increasing windshield chip and crack resistance and improving windshield visibility in wet weather conditions providing extended driver reaction time.
C-Bond’s Ballistic Resistant Film System, C-Bond II, is comprised of a proprietary security film and C-Bond’s glass strengthening technology. C-Bond II increases the structural integrity of glass and has been validated by third party laboratories to provide National Institute of Justice (NIJ) Level I, Level IIA, Level II, and Underwriter Laboratories (UL) 752 ballistic-resistant protection.
C-Bond I is a patented, non-toxic, water-based nanotechnology solution designed to increase the strength of glass and improve the performance properties of window film-to-glass products. C-Bond reduces glass breakage from impact and stress and fills the capillary voids on the glass surface, preventing the trapping of moisture and impurities that impede cure time and adhesion between the glass and any succeeding window film product.
“C-Bond provides advanced, yet easy to apply, cost-effective solutions that improve and strengthen the properties of brittle materials,” stated C-Bond Chairman and CEO Scott R. Silverman. “What’s even more exciting is that our products, which have NO direct competitors, not only help save money, but may also even save lives.”
Silverman continued, “While our technology can be applied to a variety of industries and applications, we are currently focused on the flat glass market which is estimated to be a $200 billion global industry. The replacement of windshields alone represents a $4 billion market in the U.S., and our C-Bond II system is already in use in more than 70 schools.”
About C-Bond
C-Bond Systems, LLC, headquartered in Houston, Texas, is an advanced nanotechnology company and sole owner, developer and manufacturer of the patented C-Bond technology. C-Bond is the ONLY patent-protected nanotechnology product that is scientifically tested and commercially proven to significantly increase the strength, safety and performance levels of glass and window film products. For more information visit us at www.cbondsystems.com, on Facebook, or Twitter.
Statements in this press release about our future expectations, including without limitation, the likelihood that the Company will change the name and stock symbol of WETM in the near future, subject to shareholder approval, to something that more closely aligns with C-Bond’s business; the likelihood that the Company’s products may save lives; the likelihood that the global flat glass market is a $200 billion global business; the likelihood that the windshield replacement market represents a $4 billion market in the U.S.; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, C-Bond’s ability to raise capital; the Company’s ability to target the flat glass market; the Company’s ability to successfully commercialize its products; as well as other risks. Additional information about these and other factors may be described in future filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.