The Coretec Group and Core Optics Share Exchange Closing Date Extended and Continues to Move Forward
The Coretec Group (OTCQB: CRTG), a developer of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for EVs and cleantech applications, has extended the closing date for its share exchange agreement with Core Optics, to August 15, 2024. The extension is due to ongoing efforts to meet final closing conditions, primarily the need to convert Core Optics' accounting from Korean International Financial Reporting Standards (K-IFRS) to US GAAP. Both companies' leadership remain confident in the deal's completion and anticipate the next phase of the Company's evolution, focusing on increasing revenue generation and building shareholder value.
The Coretec Group (OTCQB: CRTG), sviluppatore di materiali attivi per anodi in silicio per batterie agli ioni di litio e cicloesasilano (CHS) per veicoli elettrici e applicazioni cleantech, ha prolungato la data di chiusura del suo accordo di scambio azionario con Core Optics, fino al 15 agosto 2024. Questo prolungamento è dovuto agli sforzi in corso per soddisfare le condizioni finali di chiusura, principalmente la necessità di convertire la contabilità di Core Optics dagli Standard Internazionali di Rendicontazione Finanziaria Coreani (K-IFRS) ai principi contabili generalmente accettati negli Stati Uniti (US GAAP). I dirigenti di entrambe le aziende rimangono fiduciosi nel completamento dell'accordo e anticipano la prossima fase dell'evoluzione dell'azienda, concentrandosi su incrementare la generazione di ricavi e costruire valore per gli azionisti.
The Coretec Group (OTCQB: CRTG), desarrollador de materiales activos de ánodos de silicio para baterías de iones de litio y ciclohexasilano (CHS) para vehículos eléctricos y aplicaciones de tecnología limpia, ha extendido la fecha de cierre de su acuerdo de intercambio de acciones con Core Optics, hasta el 15 de agosto de 2024. Esta extensión se debe a los esfuerzos en curso para cumplir con las condiciones finales de cierre, principalmente la necesidad de convertir la contabilidad de Core Optics de las Normas Internacionales de Información Financiera de Corea (K-IFRS) a los Principios de Contabilidad Generalmente Aceptados en EE. UU. (US GAAP). Los líderes de ambas empresas permanecen confiados en la finalización del acuerdo y anticipan la próxima fase de la evolución de la empresa, centrándose en aumentar la generación de ingresos y construir valor para los accionistas.
The Coretec Group (OTCQB: CRTG)는 리튬 이온 배터리를 위한 실리콘 양극 활성 물질과 전기차 및 클린테크 응용 프로그램을 위한 사이클로헥사실란(CHS)을 개발하는 회사로, Core Optics와의 주식 교환 계약의 마감일 연장을 2024년 8월 15일로 하기로 했습니다. 이 연장은 주로 Core Optics의 회계 기준을 한국 국제 재무보고 기준(K-IFRS)에서 미국 일반 회계 원칙(US GAAP)으로 변환할 필요성이 있기 때문에 최종 마감 조건을 충족하기 위한 지속적인 노력에 기인합니다. 두 회사의 경영진은 계약의 완공에 대한 자신감을 여전히 가지고 있으며, 수익 창출 증가와 주주 가치를 구축하는 데 집중하며 회사의 진화의 다음 단계를 예상하고 있습니다.
The Coretec Group (OTCQB: CRTG), développeur de matériaux actifs d'anodes en silicium pour des batteries lithium-ion et de cyclohexasilane (CHS) pour des véhicules électriques et des applications de technologie propre, a prolongé la date de clôture de son accord d'échange d'actions avec Core Optics, jusqu'au 15 août 2024. Cette prolongation est due aux efforts continus pour satisfaire les conditions finales de clôture, principalement la nécessité de convertir la comptabilité de Core Optics des Normes Internationales d'Information Financière Coréennes (K-IFRS) aux US GAAP. La direction des deux entreprises reste confiance dans l'achèvement de l'accord et anticipe la prochaine phase de l'évolution de l'entreprise, en se concentrant sur l'augmentation de la génération de revenus et la création de valeur pour les actionnaires.
The Coretec Group (OTCQB: CRTG), Entwickler von Siliziumanodenmaterialien für Lithium-Ionen-Batterien und Cycloheptasilan (CHS) für Elektrofahrzeuge und cleantech-Anwendungen, hat das Schlussdatum für seinen Aktienaustauschvertrag mit Core Optics bis zum 15. August 2024 verlängert. Diese Verlängerung erfolgt aufgrund fortlaufender Bemühungen, die finalen Abschlussbedingungen zu erfüllen, insbesondere die Notwendigkeit, die Buchführung von Core Optics von den Koreanischen Internationalen Rechnungslegungsstandards (K-IFRS) auf die US-GAAP umzustellen. Die Führungskräfte beider Unternehmen sind zuversichtlich bezüglich des Abschlusses des Deals und erwarten die nächste Phase der Unternehmensentwicklung, die sich auf die Erhöhung der Einnahmen und den Aufbau des Aktionärswertes konzentriert.
- Extension of closing date indicates ongoing progress in the share exchange agreement
- Leadership remains confident in the deal's completion
- Focus on increasing revenue generation post-deal closure
- Delay in closing due to accounting standard conversion requirements
- Potential uncertainty regarding the deal's completion by the new deadline
ANN ARBOR, Mich., Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Coretec Group (OTCQB: CRTG), developers of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for electric vehicles (EVs), cleantech, and emerging tech applications, today announced that The Coretec Group and Core Optics, LLC have entered into an amendment to share exchange agreement which extends the closing date to no later than August 15, 2024. The delay is a result of continued efforts to meet final closing conditions, primarily the need for Core Optics' accounting which uses Korean International Financial Reporting Standards "K-IFRS," to be converted to US GAAP.
Both The Coretec Group and Core Optics leadership remain confident that the deal will close as expected and look forward to the next phase of the Company's evolution with an emphasis on increasing revenue generation, ultimately building shareholder value.
About The Coretec Group
The Coretec Group, Inc. is an Ann Arbor, Michigan-based developer of engineered silicon and is using its expertise to develop silicon anodes for lithium-ion batteries that will charge faster and last longer. This program is called Endurion. Silicon has the theoretical ability to hold up to 10x the amount of lithium-ions as compared to traditional graphite. Through its proprietary micron and nanoparticle approach, Endurion is loading silicon into the battery anode. A modest increase in silicon will be a game changer that will revolutionize the EV market as well as other energy storage applications.
Additionally, the Company is using its engineered silicon to develop a portfolio of other energy-focused products, including solid-state lighting (LEDs), semiconductors, and printable electronics. Coretec continues to develop CSpace, its 3D volumetric display technology with a wide array of applications including medical imaging, automotive, and others.
For more information, please visit thecoretecgroup.com.
About Core Optics
Core Optics LLC, a Virginia limited liability company, runs its operations through its Korean subsidiary, Core Optics Co., Ltd. Core Optics Co., Ltd. was established in 2023 after acquiring a compact camera module testing equipment product line. It is renowned for its involvement in a high-value enterprise centered around the production and distribution of inspection equipment tailored for compact camera modules (CCM) used in smartphones and automobiles.
For more information, please visit https://www.coreoptics.us/.
Follow The Coretec Group on
X – @CoretecGroupInc
LinkedIn – www.linkedin.com/company/24789881
YouTube – www.youtube.com/channel/UC1IA9C6PoPd1G4M7B9QiZPQ/featured
Forward-Looking Statements
The statements in this press release that relate to The Coretec Group’s and/or Core Optics’ expectations with regard to the future impact on the Company’s and/or Core Optics’ results from operations are forward-looking statements and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s and or Core Optics’ actual results may differ materially from expected results. All forecasts provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are based entirely on management’s best estimate of future financial performance given current contracts, current backlog of opportunities and conversations with new and existing customers about products and services. Furthermore, the forecasts are subject to risks and uncertainties, including securing appropriate purchase order financing and other risks and uncertainties that are beyond management’s control. We make no commitment to disclose any subsequent revisions to forward-looking statements or forecasts. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
Corporate Contact:
The Coretec Group, Inc.
Lindsay McCarthy
info@thecoretecgroup.com
+1 (866) 916-0833
Media Contact:
Spencer Herrmann
FischTank PR
coretec@fischtankpr.com
+1 (518) 669-6818
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