SALT LAKE CITY, Sept. 15 /PRNewswire-FirstCall/ -- Frame Waves, Inc. (OTC Bulletin Board: FWAV)
FWAV announced today the closing of its acquisition of B6 Sigma, Inc. in a share exchange transaction which resulted in B6 Sigma becoming a wholly-owned subsidiary of FWAV. Each share of B6 Sigma common stock was exchanged for 6.67 shares of FWAV common stock. B6 Sigma also closed a private offering of $1,000,000 of its common stock contemporaneous with the closing of the FWAV share exchange, which included the conversion of $300,000 of previously issued convertible notes by B6 Sigma into the private offering. At the closing, B6 Sigma also acquired and cancelled 738,000 shares of FWAV common stock from three FWAV shareholders. The CEO of FWAV resigned as an officer and director of FWAV and officers and directors of B6 Sigma were elected as officers and directors of FWAV.
As previously announced, FWAV shareholders have approved a 150 to 1 forward split and a name change to Sigma Labs, Inc., which are to take place upon final FINRA approval of the foregoing actions. A brief description of B6 Sigma follows:
B6 Sigma is comprised of leading scientists and engineers out of the Los Alamos National Laboratory, with over 100 years of combined experience. B6 Sigma Management has previously done business with Fortune 50 defense and aerospace firms, USAF, US Army and other major organizations. B6 Sigma currently has a number of ongoing contracts with both the military and private industry. All members of the top management group have high level security clearances. B6 Sigma intends to pursue agreements to aggressively commercialize and develop advanced sensing, software, materials technologies and other unique manufacturing processes for the defense, aerospace, and general industries. Amongst other programs, B6 Sigma has in place a number of proprietary and patent-pending technologies including:
IPQA® – In Process Quality Assurance – A dramatic new approach to significantly increase manufacturing quality worldwide, by providing sensor-based, real-time, on-machine assessment of part and process quality, to improve throughput and reduce scrap and the need for time consuming inspections. Provisional and Utility patents have been filed for this technology.
EBDM – Electron Beam Direct Manufacturing – B6 Sigma has developed a control system for EBDM which enables significant reductions in weight and part costs for titanium aerospace components on both military and commercial aircraft. Utility patents have been filed for this technology.
ARMS™ – Advanced Reactive Materials and Structures – This system is designed to create a new generation of 21st Century weapons resulting in up to 50% less weight for missiles and bombs while delivering more energy on target and reducing collateral damage in the process. Utility patents have been filed for this technology.
This news release contains forward-looking statements that reflect Management's current views about future events and financial performance. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks and uncertainties that may cause actual results and events to differ materially from those projected in the forward-looking statements. Risks and uncertainties that could adversely affect us include, without limitation, the loss of major customers, our failure to obtain new contracts, the adverse affect of competition, delays in the production or shipment of our products, the failure of our products or processes to perform as anticipated, our inability to patent products or processes, our infringement of patents held by others, our inability to finance our business and the other risks and uncertainties that are discussed in our most recent filings with the Securities and Exchange Commission, including our Report on Form 8-K that will be filed in connection with the transaction we recently completed with B6 Sigma. The forward-looking statements in this news release are made only as of the date of this news release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Frame Waves, Inc.