ECOX Signs Binding Agreements to Open Engineering and Construction Firm to Drive Canadian PoolCooled™ Commercial Launch
Eco Innovation Group, Inc. (ECOX) has signed binding Definitive Agreements to form a Canadian construction enterprise and acquire assets from Spruce Construction, Inc. This all-stock transaction allows ECOX to use Spruce's assets for its PoolCooled™ Climate Control technology in Canada. ECOX owns 85% of the new Spruce Engineering & Construction, Inc., which will help generate revenue in the construction sector. The company will issue one million shares of restricted common stock to acquire Spruce's assets, assuming CA$60,000 in debt.
- Formation of Spruce Engineering & Construction, Inc. to enhance revenue generation in Canada.
- Acquisition of construction assets to facilitate the deployment of PoolCooled™ Climate Control technology.
- Assumption of approximately CA$60,000 in debt from the predecessor entity.
VAN NUYS, Calif., Oct. 14, 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, is pleased to announce the signing of binding Definitive Agreements (the “Agreements”) for the formation of a Canadian construction enterprise as well as for the acquisition of the business and equipment of an existing Canadian construction company through an all-stock transaction.
On October 4, 2021, the Company entered into an asset purchase agreement with Spruce Construction, Inc., an Alberta corporation, and its shareholder, Timothy Boetzkes, to acquire the existing book of business and physical assets of Spruce Construction, consisting of vehicles and equipment used in the construction industry.
The Company and Mr. Boetzkes have subsequently formed a new Canadian corporation named Spruce Engineering & Construction, Inc., in order to deploy those assets in Canada to provide engineering and installation services to support the sale of ECOX’s breakthrough PoolCooled™ Climate Control technology in the Canadian market.
ECOX owns
“The acquisition of construction assets in Canada is a concrete step toward generating revenue from the installation of our sustainable energy technology in Canadian homes and businesses,” remarked Julia Otey-Raudes, CEO of Eco Innovation Group. “ECOX’s Canadian construction firm will partner with our previously-announced Canadian technology development arm, ECOIG Canada, to deliver our PoolCooled™ Climate Control technology to the Canadian market.”
The Company is also pleased to report that Mr. Laurie will serve on the board of directors of Spruce Engineering and Construction along with Ms. Otey-Raudes and Mr. Boetzkes.
Under the terms of the Agreements, ECOX will pay Mr. Boetzkes one million shares of the Company’s restricted common stock for substantially all of the assets of Spruce Construction. The new entity will assume approximately CA
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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