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ATWEC Technologies (OTC:ATWT) named industry veteran Jeff Eales as Chief Executive Officer, effective immediately, following the successful acquisition of Park-Aid Asphalt and Maintenance, a heavy civil and infrastructure contractor based in Edmonton, Alberta.
Former CEO Joshua Weaver moves to Board Member and Strategic Advisor, supporting leadership transition and long-term strategy.
ATWEC Technologies (OTC: ATWT) closed its acquisition of Park-Aid Asphalt and Maintenance, a nearly 30-year heavy civil, asphalt, and infrastructure contractor serving Edmonton and surrounding communities. The deal adds immediate revenue and cash flow, broad Canadian infrastructure exposure, and a seasoned management team. ATWEC plans to appoint a new CEO following closing, with more transaction and leadership details to come.
ATWEC Technologies (OTC:ATWT) signed a Letter of Intent to acquire a leading heavy civil and infrastructure contractor serving public and private clients.
The target is a cash-flowing, revenue-generating business active in civil contracting, earthworks, infrastructure, paving, land development, and maintenance services. ATWEC expects immediate revenue and cash flow contribution, diversification, access to an experienced management team, and a platform for future bolt-on acquisitions. The LOI remains subject to due diligence, definitive agreements, and regulatory approvals.
The Birch Co. (OTC PINK: ATWT), also known as Atwec Technologies, has signed a non-binding Letter of Intent (LOI) to acquire Prograde Excavating, an expert excavation services provider in Tulsa, OK. This highly synergistic acquisition is expected to add $2 million in annual recurring revenue and vertically integrate development capabilities.
Prograde Excavating specializes in residential excavation, commercial site development, demolition services, and land clearing. The acquisition will bring a seasoned team, numerous excavating equipment, and a client list of residential and commercial developers. The Birch Co. aims to expand its customer base into demolition and land clearing verticals.
The deal is expected to close in Q4 2024, subject to customary closing conditions, and become accretive beginning in Q1 FY2025. This represents the first acquisition as part of The Birch Co.'s expansion strategy, with potential for more in the future.
ATWEC Technologies (OTC: ATWT) has acquired The Birch Co, a prominent construction innovator in the Central U.S., adding over $6 million in annual revenue. This acquisition, completed in a preferred stock deal, changes control of ATWEC, with Darnell Stitts remaining on the Board of Directors. Josh Ploch and Angus Martin will assume the roles of CEO and COO, respectively. The merger aims to enhance market presence, accelerate R&D efforts, achieve cost savings, and strengthen financial stability. Plans include changing the company name to The Birch Co, divesting non-accretive assets, and preparing for an audit and up-listing.
ATWEC Technologies (OTC PINK:ATWT) held its annual Board meeting on December 29, 2022, in Memphis, TN, where it elected new directors Stuart Barton and Baldev Saini. The company is integrating its subsidiaries and focusing on sales opportunities in North America and the Middle East. A new operating plan for 2023 was approved, emphasizing child safety technology. ATWT plans to secure working capital through a registered offering and a short-term bridge loan, with negotiations ongoing with a California VC firm.