Grafoid Inc. announced an agreement in principle to acquire ALCERECO Inc., a global technology leader in advanced composite materials, alloys and coatings. Under the Agreement, Grafoid will purchase all issued and outstanding shares of ALCERECO for Grafoid common shares of a total value of US$1,250,000.
As quoted in the press release:
Under the terms of Agreement, Grafoid will purchase all of the issued and outstanding shares of ALCERECO from the shareholders of ALCERECO in exchange for 250,000 common shares of Grafoid at a price of US$5.00 per share, for a total value of US$1,250,000.
Grafoid CEO Gary Economo, said:
ALCERECO, its principals and its facilities add value to Grafoid because they hold the science and engineering expertise to bring MesoGraf™-based industrial materials and products to market.