SuperBox, Inc. (OTC PINK: SBOX), a Beverly Hills-based holding company, today announced the acquisition of New Fuel Systems, Inc. (NFS) and its subsidiaries.
"Today marks a new chapter for SuperBox with the acquisition of a company that has such a vast array of technologies under development and strategic partnerships in place," said SuperBox Inc. CEO Russell Stuart. "We are excited for SuperBox to become a more diversified company, adding more value for the benefit of our stakeholders."
New Fuel Systems Inc. is a U.S. and Canadian diversified green energy company, which was formed to capitalize on the burgeoning markets in renewable and alternative current worldwide energy technologies. New Fuel Systems, together with its subsidiaries, Water Evolution Systems Inc. and Electric City Motors Corp. are focused on the identification, acquisition, development, and commercialization of renewable, alternative energy technologies globally. Through established relationships, NFS strives to identify technologies on the leading edge of innovation that would contribute to the ever-increasing demands for energy producing fuels, clean air and pure water while protecting the environment for future generations.
"NFS has many great projects in different stages of development. Waste Water Purification Systems that clean up contaminated water sources, Rotary Parking Systems to help congested cities alleviate parking issues, Recycling Technologies to help reduce environmental waste and Electric Vehicle and Battery Charging Technologies for North American and developing markets around the world." Robert Intile, NFS VP of Business Development, said. "Joining forces with SuperBox only benefits both companies shareholder's, with a more diversified slate of exciting projects."
Valuation for the acquisition was based on the "paid in/paid up" capital into NFS by each Shareholder with an issuance of SuperBox shares that was valuated at its current trading price of US$0.25 per share and a historical exchange rate obtained from the Bank of Canada.
SuperBox issued 6,946,995 shares of its common stock for 42,472,564 common shares of New Fuel Systems, Inc. and 121,198 shares of its common stock for 174,000 common shares of Electric City Motors Corp., a majority-owned subsidiary of NFS.
Source: SuperBox, Inc.
Date: Aug 11, 2016