Eco Innovation Group Signs Term Sheet to Open Canadian Construction Company
Eco Innovation Group (OTC: ECOX) has signed a term sheet to establish a Canadian construction company, acquiring assets from Spruce Construction. Under this agreement, ECOX will hold 85% of the new venture, Spruce Engineering and Construction, Inc. The acquisition includes vehicles and construction equipment and aims to boost revenue from deploying sustainable energy technologies in Canada. The transaction involves the issuance of one million shares in exchange for assets and will assume approximately CAN$60,000 in debt. The closing is anticipated by August 15, 2021.
- Acquisition of construction assets in Canada positions ECOX for revenue generation.
- ECOX holds 85% stake in the new company, enhancing control over operations.
- The transaction aligns with ECOX's strategic focus on sustainable energy technology.
- ECOX will assume approximately CAN$60,000 in debt from Spruce Construction.
VAN NUYS, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Eco Innovation Group, Inc. (OTC: ECOX) ("ECOX" or the "Company"), an innovative company aggregating investments in new technologies that promote environmental and social well-being and the advancement of green energy solutions, today announces the signing of a term sheet for the formation of a Canadian construction enterprise and the acquisition of the equipment of an existing Canadian construction company in an all-stock transaction.
On August 5, 2021, the Company signed a non-binding term sheet with Spruce Construction, Inc., an Alberta corporation, and its shareholder, to acquire the assets of Spruce Construction, consisting of vehicles and equipment used in the construction industry. The Company and the shareholder of Spruce Construction have agreed to form a new Canada corporation to be named Spruce Engineering and Construction, Inc. to deploy those assets in Canada. Under the term sheet, ECOX will own
“The acquisition of construction assets in Canada is a concrete step towards generating revenue from the installation of our sustainable energy technology in Canadian homes and businesses,” said Julia Otey-Raudes, President and CEO of Eco Innovation Group. “ECOX’s Canadian construction firm will partner with our previously-announced Canadian technology development arm, ECOIGCANADA, INC., to deliver our PoolCooledTM Climate Control technology to the Canadian market.”
The Company also announced that Patrick Laurie, interim CEO of ECOIGCANADA, INC., will serve on the board of directors of Spruce Engineering and Construction along with Julia Otey-Raudes and Spruce Construction’s shareholder, Timothy Boetzkes. Under the term sheet, ECOX will pay Mr. Boetzkes one million shares of the Company’s restricted common stock for substantially all of the assets of Spruce Construction, with an intended closing date of August 15, 2021. The new entity will assume approximately CAN
About Eco Innovation Group
Eco Innovation Group was founded by Inventors and Business Professionals to help nurture and catalyze the most innovative and impactful products and services, and to deliver those innovations to the world, improving the quality of life in our communities and the world around us, while delivering value to our shareholders. At ECOX, we are dedicated to developing and commercializing successful products. But we will never lose sight of the fact that we exist, first and foremost, to help people and improve life on the planet we all share. We take our Social Responsibility Contract seriously in all our endeavors. It is not only what we do. It is who we are. For more information, visit www.ecoig.com.
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FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
Corporate Contact:
Eco Innovation Group, Inc.
Julia.Otey@ecoig.com
www.ecoig.com
Public Relations:
EDM Media, LLC
https://edm.media
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