CEDAR GROVE, N.J., Nov. 30, 2016 /PRNewswire/ -- GOTHAM CAPITAL HOLDINGS, INC. (GTHM) announced today the signing of a Letter of Intent to acquire 100% of the stock of OXYS, a privately held Corporation based in Cambridge, MA in exchange for approximately 33,000,000 GTHM common shares.
Pursuant to the Letter of Intent, at Closing, an aggregate of approximately 1,599,408 GTHM common shares held by Carmine Catizone and Pasquale Catizone shall be retired, current officers and directors of GTHM shall resign and designees of OXYS Corporation shall be appointed as officers and directors of GTHM. Oxys Corporation shall enter into a consulting agreement with Pasquale Catizone, a majority shareholder of GTHM, to provide services throughout the transition period subsequent to the acquisition. Mr. Catizone shall receive a consulting fee of $75,000 to be paid on or prior to Closing. Additionally, if the price of GTHM's stock is not over $.60 after four months of the Closing, Mr. Catizone shall be paid an amount per common share equal to $.60 minus the market price on the date of sale of up to 285,000 GTHM common shares by Mr. Catizone.
OXYS Corporation is primarily focused on Industrial Internet of Things (IIoT). The Industrial Internet of Things is an emerging high tech Industry immersed in the universe of monitoring, diagnostics and systems which generate, process and understand data to improve efficiencies and reduce costs.
It is the intent of the parties to enter into a definitive agreement prior to January 31, 2017, with a Closing as soon thereafter as practicable.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." These forward-looking statements are subject to a number of risks, uncertainties and assumptions that could adversely affect us, as discussed in our most recent filings with the Securities and Exchange Commission. 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 any of these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Gotham Capital Holdings, Inc.