CORONA, Calif., Aug. 4, 2011 /PRNewswire/ -- Medina International Holdings, Inc. (OTC BB: MIHI) announced today that the company has entered into a Contribution and Exchange Agreement with WinTec Protective Systems, Inc. ("WinTec."). The Company has filed an 8K, which is available at www.sec.gov, detailing the transaction.
As part of the Contribution and Exchange Agreement, the Company has issued 3,000,000 shares of its restricted common stock in exchange for 20,400,000 shares of the common stock of WinTec. As a result of such exchange, the Company holds 51% of the issued and outstanding common stock of WinTec, making WinTec a subsidiary of the Medina International Holdings, Inc.
Wintec, located in Houston, Texas, has various proprietary products, which include CORTAIN, Hydro-Tain and Blast Block. Medina International Holdings, Inc. has first rights to use CORTAIN, anti-corrosion material for small marine craft.
"This is a strategic milestone for our Company," commented Mr. Daniel Medina, CEO of Medina International Holdings, Inc. "The acquisition of WinTec will give us access to coatings and other proprietary technologies that are a natural complement to our existing watercraft business. The incorporation of WinTec's product lines will allow us to offer highly-specialized products. We know our customers will be as excited as we are about this new subsidiary."
Mr. Rao Mankal, CFO of Medina stated, "We are very pleased with the structure of this deal. The WinTec team sees the potential, as do we, of their product lines. Management of both companies will be working closely together to realize the potential of this business combination, which should materially increase our revenues over time."
To learn more about WinTec, please go to: http://wintecprotectivesystems.com
About Medina International Holdings, Inc.
Medina International Holdings, Inc. through its wholly owned subsidiary, Harbor Guard Boats, Inc., produces commercial fire, rescue, police and patrol boats utilizing the highest design and performance standards. The company's products combine safety, power, handling and stability with a proprietary hull design and equipment features that address specific niche markets with products ranging from 15' to 37'.
SOURCE Medina International Holdings, Inc.