This Letter of Intent involves
Title: Jacksonville, FL ? April 27, 2016 ? NAC Global Technologies, Inc. (OTCBB: NACG) - NAC Global Technologies, Inc. today announced that it has agreed to terms and executed a Letter of Intent to acquire Swiss Heights Engineering S.A. (SHE) of Lugano, Switzerland, a holding company engaged to hold 100% o
Industry: Misc. Financial Services Sector: Financial
NAC Global Technologies Announces Planned Merger with SHE - Swiss Heights Engineering - a Holding Company for Bellelli Engineering Group and Petrochem Industrie Group.
Jacksonville, FL – April 27, 2016 – NAC Global Technologies, Inc. (OTCBB: NACG) - NAC Global Technologies, Inc. today announced that it has agreed to terms and executed a Letter of Intent to acquire Swiss Heights Engineering S.A. (SHE) of Lugano, Switzerland, a holding company engaged to hold 100% of Bellelli group of companies and 100% of Petrochem Industrie group of companies The contemplated combination would vastly expand NAC’s business size and its global footprint in the engineering services, energy markets, chemical processing, and petrochemical markets.
Based upon 2015 revenues of each of the constituent companies, the company projects 2016 combined revenues will exceed $30 million USD. Bellelli has physical presences in Italy, Switzerland, Columbia, Mexico, United Arab Emirates, and the USA.
Vincent Genovese, CEO of NAC, commented, “We are extremely pleased to announce our planned merger with Swiss Heights Engineering. A key component of our growth strategy has been to swiftly establish a multi-million dollar revenue base, and to expand in the energy markets, specifically in process automation controls.”
Under the terms of the anticipated merger agreement, the present shareholders of SHE will, in aggregate, receive 95.75% of the combined companies. The acquired companies will become a wholly-owned subsidiary of NACG, and NACG shareholders will be entitled to hold their existing shares. Mr. Genovese will remain as CEO of the merged companies.
Antonio Monesi, president of Bellelli, commented, “By integrating the companies’ abilities and experience in process controls, engineering, and precision manufacturing, it will produce powerful competitive adva