PCTI designs, develops and manufactures standard and custom power electronic solutions
WEST PALM BEACH, FL, Feb. 28, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Ozop Surgical Corp. (OTCQB: OZSCD), (“Ozop” or the “Company”), today announces that it has signed a Binding Letter of Intent (the “LOI”) with Power Conversion Technologies, Inc. (“PCTI”), and Catherine Chis (“Chis”), the President of PCTI and its sole shareholder.
Pursuant to the terms of the LOI, the Company will acquire 100% of the issued and outstanding common stock of PCTI from Chis. In conjunction with the LOI, Michael Chermak and Barry Hollander resigned as Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), respectively, and Brian Conway was named CEO and Interim CFO. Mr. Chermak remains as the sole Director of the Company
PCTI operates in the very high power niche of the power electronics market, designing and manufacturing leading edge equipment for use in power conversion applications. The global power electronics market size in 2017 was valued at $36 Billion and is expected to reach $51 Billion by 2023 according to MarketsandMarkets™. PCTI serves clients in several industries including energy storage, shore power, DEWs, microgrid, telecommunications, military, transportation, renewable energy, aerospace and mission critical defense systems. PCTI’s clients include Fortune 500 companies, all branches of the US Department of Defense including the US Army and the US Air Force, NASA as well as other global military organizations.
PCTI has supplied equipment for energy storage applications since 1991 and is well positioned to capitalize on the explosive growth of the mass utility scale energy storage market by leveraging its expertise and market reputation. The utility scale energy storage industry is expected to grow tenfold by 2024 to reach $74 Billion according to Wood McKenzie Power & Renewable.
Catherine Chis stated, “After 28 years in the private sector, PCTI looks forward to the opportunities that going public will provide to capitalize on our reputation, experience and product mix and expand further into markets such as mass scale energy storage, microgrids and shore power.”
For more information on PCTI please follow on the link, www.pcti.com
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About Ozop Surgical Corp.
Ozop Surgical, Corp. (www.ozopsurgical.com) invents, designs, develops, manufactures and distributes innovative endoscopic instruments, surgical implants, instrumentation, devices and related technologies, focused on spine, neurological and pain management procedures and specialties. Our focus is on economically disrupting the market with clinically equivalent or superior existing and new products resulting in immediate and significant savings for providers, payors and consumers.
About Power Conversion Technologies, Inc.
Power Conversion Technologies, Inc (www.pcti.com) invents, designs, develops, manufactures and distributes standard and custom power electronic solutions. Founded in 1991 and located in East Butler, Pennsylvania, the Company’s mission is to be the global leader for high power electronics with a standard of continued innovation.
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