HENDERSON, Nev., Nov. 22, 2019 /PRNewswire/ -- Dalrada Financial Corporation (OTC Pink: DFCO), is pleased to announce that it has entered into a Memorandum of Understanding (MOU) for the proposed acquisition of Prakat Solutions, Inc. The transaction's terms and mechanism of purchase will be disclosed upon the close of the final agreement, tentatively scheduled for December 31, 2019.
Prakat India provides innovative solutions for a wide range of products and technology, utilizing advanced capabilities and real-time functions that allow businesses to increase their reach on a global level. The team provides end to end product engineering services in a variety of fields including banking and financial services, telecom, retail, healthcare, manufacturing, legal, and IT infrastructure. An ISO 9001-certified company with a customer base that includes several Fortune 1000 clients, Prakat is headquartered in Bangalore, India, but maintains offices in Denver, Colorado, and Irving, Texas.
"Dalrada has always been a company focused on innovative products and services, with a vision to introduce new and unique solutions to local and global markets. We believe the acquisition of Prakat and its seasoned management team will be a great complement to the opportunities Dalrada has already created with its manufacturing, science, healthcare, and engineering product offerings. I am confident that the addition of software engineering, application development, data analytics, artificial intelligence, and their accessibility engineering skillsets will all support our business goals and propel us toward future success," said Brian Bonar, CEO of Dalrada Financial.
According to Prakat CEO, Anu Biswas, "The Prakat team is extremely excited to bring our experience and competency in design and development to Dalrada and provide them with these valuable technology solutions. We have meticulously laid foundations and nurtured relationships for ten-plus years with some of our most important customers – Dalrada included and we're pleased with this result. Now, with their strong support and new opportunities, we envision expanding our footprint in the U.S. and across the globe."
About Dalrada Financial
Dalrada Financial Corp. (OTC Pink: DFCO) solves real-world problems by producing innovation-focused and technologically-centered solutions on a global level. Delivering next-generation manufacturing, engineering, and healthcare products and services designed to propel growth, Dalrada is a team of industry experts and an organization built upon a strong foundation of financial capital. The company and its subsidiaries are positioned for stable long-term growth through intelligent market research, sound business acumen, and established operational infrastructure. For more information, please visit www.dalrada.com or call 1-858-283-1253.
About Prakat Solutions
Prakat is a technology solutions company specializing in test engineering, accessibility engineering, product engineering and application modernization. Prakat partners with clients to create a transparent, value-based relationship, leveraging the extensive experience of its team to provide innovative solutions in a wide range of technology domains that enable customers to successfully attain their business goals. The Prakat work culture is truly based on the belief, "we believe in what we do; we do what we love." Prakat is an ISO 9001-certified company with several Fortune 1000 customers. With its main engineering center in Bangalore, India, the company also has offices in Fort Worth and Denver. The Prakat team provides end-to-end product engineering services across various domains including banking and financial services, telecom, retail, healthcare, manufacturing, legal, and IT infrastructure. For more information, please visit www.prakat.com.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
SOURCE Dalrada Financial Corporation