The Renewable Corporation signs Letter of Intent
LAKE PARK, Fla., Nov. 5, 2013 /PRNewswire/ -- The Renewable Corporation (ticker symbol RNWB) (the "Company"), announced today it has signed a Letter of Intent with Findex.com, Inc. (OTC Markets FIND) through which FIND will acquire the Company's wholly-owned subsidiary EcoSmart Surface and Coating Technologies, Inc. (EcoSmart) in exchange for the Company receiving approximately 80% of FIND.
Following the closing, the Board of Directors of FIND shall consist of two current Board Members of FIND and three members that shall be appointed by the Company including Joseph Alvarez, the current COO of EcoSmart, and Steve Malone. Mr. Alvarez shall be CEO of FIND. Subject to compliance with all Securities and Exchange Commission requirements, the Company intends to distribute the FIND common stock to the Company's shareholders.
The closing of the acquisition is subject to several conditions, including without limitation, satisfactory completion of the Company's due diligence investigation and execution of a definitive Purchase Agreement. The transaction will be structured either as a merger or asset sale. Regardless the Company will own approximately 80% of the outstanding shares of FIND on a fully-diluted basis. Subsequent to the anticipated closing of the transaction, the business operations of the EcoSmart entities will comprise the FIND business operations.
Gary Smith the CEO of the Company stated, "Over the last several months the share price of our stock has been steadily decreasing despite the continued increase in revenue by the Company. Earlier in the year a group of unaffiliated shareholders, that were issued significant numbers of shares dating back to 2010 and 2011, attempted to liquidate their holdings in the Company. During this process there was little to no market for the Company's stock. The continual selling pressure by these shareholders has consistently driven the share price of our stock down. Over the last few months the Company has begun to experience severe financial distress due to its inability to raise capital as a result of the declining share price. In order to protect, what we feel are very valuable assets in EcoSmart, we have entered into this Letter of Intent. This transaction will not only protect the operating company, EcoSmart, but protects our shareholders investments that have contributed to the successful development of the EcoSmart product line. As part of the transaction we have agreed to elect EcoSmart's current COO and Executive Vice President Joe Alvarez as the new CEO of FIND. Mr. Alvarez has a world class operations background and has been vital to the development of the EcoSmart product line. We are all looking forward to the completion of this transaction so EcoSmart can continue to grow and become a valuable public company."
About The Renewable Corporation
The Renewable Corporation ("RNWB"), through its wholly subsidiary EcoSmart Surface & Coatings Technologies, Inc. ("EcoSmart") has developed state of the art industrial coatings which comprises of over fifteen specialty coatings that have a wide range of uses in industrial, commercial and residential sectors. EcoSmart is leading the industry in organic and inorganic coatings by using an Eco-Nanobond™ technology that allows for vast multi-surface applications. EcoSmart has also developed a "patent pending" process that fully encapsulates harmful VAT asbestos tile.
Cautionary Statement Concerning forward-Looking Statements:
This press release contains forward-looking statements including closing the transaction with FIND Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the results of our due diligence investigation of FIND and contractual issues that preclude the execution of a definitive Purchase Agreement.
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: The Renewable Corporation, www.therenewablecorp.com
Corporate Contact Information: The Renewable Corporation, 1313 S. Killian Drive, Lake Park, FL 33403; Phone: 561-328-6488
Investor Relations: Gary D. Alexander, Corporate Secretary; Email: IR@TheRenewCorp.com
SOURCE The Renewable Corporation