InterCore Energy, Inc., Acquires SRG, Inc., in Exchange for Controlling Interest ICOR Acquires 100% of SRG in Exchange for Preferred Stock with 80% of ICOR's Outstanding Voting Rights
MAHWAH, N.J., Jan. 23, 2013 /PRNewswire/ -- InterCore Energy, Inc. (OTCBB: ICOR) announced that it has acquired SRG, Inc., a Quebec Province corporation, in exchange for stock equal to 80% of InterCore's voting control. As a result of the transaction, SRG has become a wholly-owned subsidiary of InterCore Energy, Inc.
In connection with the closing of the transaction, SRG, Inc., based in New York, acquired the "ADS Software". The ADS Software is ADS™ (Alertness Detection Software), a system designed around proprietary alertness detection technologies, which alerts operators to their work activity capability based on real time monitoring of their state of alertness. The ADS™ methodology employs a unique approach for assessing sleepiness and low alertness levels via the observed behavior of operators in their real work environments.
Effective with the closing of the transaction, Mr. Claude Brun has been appointed and elected as the new President and Chief Executive Officer of InterCore, and Ms. Danielle Beauchamp is serving as the new corporate Secretary. Mr. Brun and Ms. Beauchamp have also been appointed to serve on InterCore's Board of Directors. Mr. James F. Groelinger resigned his position as President and Chief Executive Officer of InterCore, but will continue to serve on the Board of Directors, along with Messrs. Harry Pond and Wayne LeBlanc. Mr. Frederick Larcombe will continue in his position as InterCore's Chief Financial Officer.
Simultaneous with the close of the transaction, InterCore sold certain of its assets to HLBC Distribution Company, Inc., a Nevada corporation ("HLBC") which is owned by certain of InterCore's investors, trade creditors, debt holders, and members of its management team and Board of Directors, in exchange for: HLBC assuming certain InterCore liabilities and receiving shares of InterCore common stock and warrants for the purchase of additional shares of InterCore common stock. The assets sold by InterCore consisted of shares it owned in Legends & Heroes, Inc. and Epec Biofuels Holdings, Inc. as well as the intangible rights associated with the Myself™ pelvic muscle trainer and a novel medical applicator. Additionally, InterCore sold the shares it owned in HepatoChem, Inc. to the Rockland Group, LLC, InterCore's majority shareholder and an entity controlled by one of the Company's Directors ("Rockland"), in exchange for Rockland agreeing to forgive a portion of the debt owed to it by InterCore. InterCore is not expected to record significant gains or losses in connection with the above transactions.
InterCore's name and stock symbol will remain the same for the immediate future, and the company will continue to do business under the InterCore Energy name. Information will continue to be available on the company's website.
About InterCore Energy, Inc.
InterCore Energy, Inc. (OTCBB: ICOR), is a public company that participated in emerging clean energy companies run by exceptionally talented entrepreneurs and operating executives who are dedicated to generating superior financial returns while creating positive change in our world. As a result of the transaction described above, ICOR will focus on development and marketing of the ADS Software and related products. www.intercoreenergy.com.
About SRG, Inc.
SRG, Inc., based in New York, owns the "ADS Software". The ADS Software is ADS™ (Alertness Detection Software), a system designed around proprietary alertness detection technologies, which helps alert operators to their work activity capability based on real time monitoring of their state of alertness. The ADS™ methodology employs a unique approach for assessing sleepiness and low alertness levels via the observed behavior of operators in their real work environments.
Forward Looking Statements
This news release contains certain "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words "believe,"enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict" "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the U.S. Securities and Exchange Commission via the Edgar system. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.
SOURCE InterCore Energy, Inc.