The Coretec Group Secures Controlling Stake of Multi-National Energy Company With Over US$70M in Annual Revenues; Strengthens Board and Introduces Global Expansion Plans
The Coretec Group (OTCQB: CRTG) has acquired a controlling stake in KIB Plug Energy, a KOSPI-listed company operating in 53 countries with annual revenues exceeding US$70M. The transaction, valued at approximately US$18.24M, includes 17.96M shares and an additional 24M shares via SPA, with ongoing negotiations for 34M more shares.
KIB Plug Energy, which reported US$97.5M in revenue and US$10.3M in net income for 2023, specializes in design, engineering, and manufacturing services for chemical and petroleum production plants. The company secured US$8.37M through a private placement of Series D Convertible Preferred Stock to fund the acquisition.
Coretec plans to establish a giga-scale battery manufacturing facility in the United States and is restructuring its Core Optics subsidiary. The company projects consolidated annual revenues to exceed US$100M following these strategic moves.
The Coretec Group (OTCQB: CRTG) ha acquisito una partecipazione di controllo in KIB Plug Energy, un'azienda quotata al KOSPI che opera in 53 paesi con ricavi annuali superiori a 70 milioni di dollari. La transazione, valutata circa 18,24 milioni di dollari, include 17,96 milioni di azioni e ulteriori 24 milioni di azioni tramite SPA, con trattative in corso per altre 34 milioni di azioni.
KIB Plug Energy, che ha riportato 97,5 milioni di dollari di ricavi e 10,3 milioni di dollari di utile netto per il 2023, è specializzata in servizi di design, ingegneria e produzione per impianti di produzione di prodotti chimici e petroliferi. L'azienda ha ottenuto 8,37 milioni di dollari attraverso un collocamento privato di azioni privilegiate convertibili di Serie D per finanziare l'acquisizione.
Coretec prevede di stabilire un impianto di produzione di batterie su larga scala negli Stati Uniti e sta ristrutturando la sua controllata Core Optics. L'azienda prevede che i ricavi annuali consolidati supereranno i 100 milioni di dollari a seguito di queste mosse strategiche.
The Coretec Group (OTCQB: CRTG) ha adquirido una participación de control en KIB Plug Energy, una empresa cotizada en KOSPI que opera en 53 países con ingresos anuales superiores a 70 millones de dólares. La transacción, valorada en aproximadamente 18,24 millones de dólares, incluye 17,96 millones de acciones y 24 millones de acciones adicionales a través de SPA, con negociaciones en curso para 34 millones de acciones más.
KIB Plug Energy, que reportó 97,5 millones de dólares en ingresos y 10,3 millones de dólares en ingresos netos para 2023, se especializa en servicios de diseño, ingeniería y fabricación para plantas de producción química y petrolera. La empresa aseguró 8,37 millones de dólares a través de una colocación privada de acciones preferentes convertibles de Serie D para financiar la adquisición.
Coretec planea establecer una instalación de fabricación de baterías a gran escala en los Estados Unidos y está reestructurando su subsidiaria Core Optics. La compañía proyecta que los ingresos anuales consolidados superarán los 100 millones de dólares tras estos movimientos estratégicos.
The Coretec Group (OTCQB: CRTG)는 KIB Plug Energy의 지배 지분을 인수했습니다. KIB Plug Energy는 53개국에서 운영되는 KOSPI 상장 기업으로 연간 매출이 7천만 달러를 초과합니다. 이번 거래는 약 1,824만 달러로 평가되며, 1,796만 주와 SPA를 통해 추가 2,400만 주를 포함하고 있으며 3,400만 주에 대한 지속적인 협상이 진행되고 있습니다.
KIB Plug Energy는 2023년 매출 9,750만 달러 및 순이익 1,030만 달러를 보고했습니다. 이 회사는 화학 및 석유 생산 시설을 위한 설계, 엔지니어링 및 제조 서비스를 전문으로 합니다. 인수를 위한 자금 마련을 위해 D 시리즈 전환 우선주를 통한 사모 배급으로 837만 달러를 확보했습니다.
Coretec는 미국에 기가 규모의 배터리 제조 시설을 설립할 계획이며 자회사 Core Optics를 재조정하고 있습니다. 이 회사는 이러한 전략적 조치 이후에 연간 통합 매출이 1억 달러를 초과할 것으로 예상하고 있습니다.
The Coretec Group (OTCQB: CRTG) a acquis une participation contrôlante dans KIB Plug Energy, une entreprise cotée au KOSPI qui opère dans 53 pays avec des revenus annuels dépassant 70 millions de dollars. La transaction, d'une valeur d'environ 18,24 millions de dollars, comprend 17,96 millions d'actions et 24 millions d'actions supplémentaires via SPA, avec des négociations en cours pour 34 millions d'actions de plus.
KIB Plug Energy, qui a rapporté 97,5 millions de dollars de revenus et 10,3 millions de dollars de bénéfice net pour 2023, se spécialise dans les services de conception, d'ingénierie et de fabrication pour les usines de production chimique et pétrolière. L'entreprise a sécurisé 8,37 millions de dollars grâce à un placement privé d'actions privilégiées convertibles de série D pour financer l'acquisition.
Coretec prévoit d'établir une installation de fabrication de batteries à grande échelle aux États-Unis et restructure sa filiale Core Optics. L'entreprise prévoit que les revenus annuels consolidés dépasseront 100 millions de dollars suite à ces mesures stratégiques.
The Coretec Group (OTCQB: CRTG) hat eine Mehrheitsbeteiligung an KIB Plug Energy erworben, einem an der KOSPI notierten Unternehmen, das in 53 Ländern tätig ist und jährliche Einnahmen von über 70 Millionen US-Dollar erzielt. Die Transaktion, die auf etwa 18,24 Millionen US-Dollar geschätzt wird, umfasst 17,96 Millionen Aktien und weitere 24 Millionen Aktien über SPA, während laufende Verhandlungen für 34 Millionen weitere Aktien bestehen.
KIB Plug Energy, das 2023 Einnahmen von 97,5 Millionen US-Dollar und einen Nettogewinn von 10,3 Millionen US-Dollar meldete, ist auf Design-, Ingenieur- und Fertigungsdienstleistungen für chemische und petrochemische Produktionsanlagen spezialisiert. Das Unternehmen sicherte sich 8,37 Millionen US-Dollar durch einen privaten Platzierungsverkauf von Serie D wandelbaren Vorzugsaktien zur Finanzierung der Akquisition.
Coretec plant, ein gigantisches Batteriefertigungswerk in den Vereinigten Staaten zu errichten und restrukturiert seine Tochtergesellschaft Core Optics. Das Unternehmen rechnet damit, dass die konsolidierten Jahresumsätze nach diesen strategischen Schritten 100 Millionen US-Dollar übersteigen werden.
- Acquisition of controlling stake in KIB Plug Energy with US$97.5M revenue in 2023
- Strong financial performance with 29.9% YoY revenue growth
- Net income growth of 28.5% to US$10.3M in 2023
- Secured US$8.37M through private placement
- Expansion into 53 countries through KIB Plug Energy's operations
- Significant capital expenditure of US$18.24M for acquisition
- Dilution of existing shareholders through Series D Convertible Preferred Stock issuance
ANN ARBOR, Mich., Dec. 04, 2024 (GLOBE NEWSWIRE) -- via IBN -- The Coretec Group, Inc. (OTCQB: CRTG) (“Coretec” or the “Company”) has taken a decisive step toward global leadership in energy innovation with the acquisition of a controlling stake in KIB Plug Energy Co., Ltd. (“KIB Plug Energy”), a prominent KOSPI-listed enterprise in South Korea. This transformative acquisition, coupled with a strategic restructuring of its Core Optics subsidiary and upcoming funding initiatives, solidifies Coretec’s status as a global powerhouse in energy and technology.
KIB Plug Energy operates across 53 countries, offering design, engineering and manufacturing services, as well as maintenance solutions for chemical and petroleum production plants. Over the past five years, the company has maintained annual revenues exceeding US
Strategic Leap: Acquisition of KIB Plug Energy
Coretec’s acquisition of KIB Plug Energy cements its position as the largest shareholder of the company, paving the way for breakthroughs in the energy and industrial sectors. The transaction includes:
1. 17,957,581 shares, fully paid and deposited into The Coretec Group Security Account.
• Purchase Price: 8,500,000,000 KRW (US
2. An additional 24,000,000 shares, to be acquired via a Share Purchase Agreement (SPA) with Open Asia Co., Ltd., KIB Plug Energy’s largest shareholder.
• Contract Deposit (Completed): 1,560,000,000 KRW (US
• Second Payment (Completed): 1,560,000,000 KRW (US
Total Transaction Value: 15,600,000,000 KRW (US
Grand Total: 25,660,000,000 KRW (US
*Ongoing Negotiations:
• 34,000,000 shares (to be acquired from various shareholders).*
In alignment with this acquisition, Coretec secured US
Financial Highlights of KIB Plug Energy (K-IFRS Audited) (USD)
| Year | Revenue | Net Income |
| 2022 | ||
| 2023 | ||
| Growth YoY | + | +28.5 |
[Exchange Rate: 1 USD = 1407 KRW]
KIB Plug Energy’s portfolio encompasses cutting-edge energy and industrial solutions, including:
• Shell and tube heat exchangers
• Waste heat boilers
• Towers and columns
• Pressure vessels and reactors
Leadership Transformation: Pioneering the Future
Coretec’s influence at KIB Plug Energy will deepen on Dec. 13, 2024, with the appointment of four new board members at KIB Plug Energy’s shareholders’ meeting. The new leadership team includes:
• Michael Ussery, CEO of Coretec
• Dr. Seonkee Kim, Co-Chairman of Coretec
• Youngsun Yoo, Senior Vice President of Finance of Coretec
• Jungmin Lee, COO of Coretec
This enhanced leadership underscores Coretec’s commitment to innovation, operational excellence and global market expansion. Ambassador Michael Ussery brings extensive expertise to KIB Plug Energy as a former U.S. Ambassador to Morocco and a leader in international development. He has driven transformative initiatives across multiple regions, founded enterprises and non-profits, and advised seven countries, the U.S. State Department, and corporations. His board roles include Safi Apparel, Corium Distribution UK, and Healixa, and he previously served as a global advisor to General Dynamics and led revitalization efforts for distressed firms through the Romania Moldova Direct Fund.
Dr. Seonkee Kim is a visionary leader in energy and technology, with a distinguished career spanning finance, technology and academia. His pioneering work at FIST Global advanced risk management and derivatives modeling, while his groundbreaking contributions to battery technology have been instrumental in establishing a U.S.-based gigafactory for sustainable energy solutions. Dr. Kim holds a Ph.D. in Finance from NYU’s Stern School of Business and degrees from Seoul National University.
Mr. Youngsun Yoo brings over 30 years of expertise in global finance, corporate leadership and strategic management. As CFO and Vice President of Hapchun Food Co., Ltd., he has excelled in financial oversight and strategic planning. His career includes senior roles at Hana Bank, HSBC, and Royal Bank of Canada, leading initiatives in risk management and international finance. A graduate of NYU’s Stern School of Business with an MBA in Finance and International Business, Mr. Yoo also holds a degree in Economics from Sungkyunkwan University.
Giga-Scale U.S. Battery Manufacturing Initiative
In response to the surging global demand for advanced energy storage, Coretec intends to launch a giga-scale battery manufacturing facility in the United States, supported by planned federal and state partnerships. This initiative underscores Coretec’s commitment to clean energy innovation and positions the Company as a key driver in the energy transition.
Reshaping Core Optics for New Horizons
Coretec is restructuring its Core Optics subsidiary, known for its expertise in compact camera modules (CCMs), to maximize efficiency and unlock new revenue streams. By enhancing its capabilities in testing and calibration equipment, Core Optics will play a pivotal role in Coretec’s growth strategy and its expansion into advanced technology markets.
A Vision of Growth and Innovation
With its acquisition of KIB Plug Energy, the restructuring of Core Optics, and its ambitious plans for a GIGA-scale battery plant, Coretec is poised for unprecedented growth. Consolidated annual revenues are projected to surpass US
“This acquisition marks a transformative moment in our journey,” said Dr. Kim, co-chairman of Coretec. “We are redefining the energy landscape through groundbreaking innovations and a relentless commitment to sustainable solutions.”
About The Coretec Group
The Coretec Group, Inc., headquartered in Ann Arbor, Michigan, specializes in the development of engineered silicon for advanced applications. Through its proprietary Endurion program, Coretec is creating silicon anodes for lithium-ion batteries designed to charge faster and last longer, with the potential to revolutionize the electric vehicle (EV) market and other energy storage applications. For more information, please visit thecoretecgroup.com.
Corporate Contact:
The Coretec Group, Inc.
Lindsay McCarthy
info@thecoretecgroup.com
+1 (866) 916-0833
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