Fourth Wave Energy Announces Plans to Spin-Off of Smart Home Technology Subsidiary, GeoSolar Technologies
Fourth Wave Energy, Inc. (OTCQB: FWAV) announced plans to spin off its smart home technology subsidiary, GeoSolar Technologies (GST). Under the agreement, GST will obtain commercial rights to the GeoSolar Plus technology, offering four shares of GST for each share of Fourth Wave. This strategic move aims to enhance company focus and capitalize on growth in the renewable energy sector. GST will relocate to Arvada, Colorado, under the leadership of experienced executives, including CEO Stone Douglass. Additionally, Fourth Wave intends to acquire DeSol Power Tiles, further expanding its renewable energy portfolio.
- Spin-off of GeoSolar Technologies may enhance focus on core operations and growth potential.
- GeoSolar Plus technology expected to significantly reduce energy consumption and greenhouse gas emissions.
- Experienced management team appointed to lead GST, possibly boosting its market entry.
- Acquisition of DeSol Power Tiles could diversify offerings and create customer synergies.
- None.
SAN JOSE, Calif., Feb. 1, 2021 /PRNewswire/ -- Fourth Wave Energy, Inc. (OTCQB: FWAV) ("Fourth Wave" or the "Company"), a Silicon Valley based climate change solutions company, announced that its board of directors has approved and is preparing to implement the spin-off of its smart home technology subsidiary, GeoSolar Technologies ("GST"). Once complete, the transaction will form two separate and independent publicly traded companies.
As part of the spin-off agreement with Fourth Wave, GST will receive all commercial rights to the GeoSolar Plus technology and patents in exchange for the issuance of approximately four shares of GST common stock for each outstanding common share of Fourth Wave.
The shares of GST common stock will be issue do current Fourth Wave shareholders, subject to a successful transaction close and other considerations. Fourth Wave shareholders will continue to retain their shares in the Company.
The GeoSolar Plus ("GSP") system is designed to significantly reduce energy consumption and associated greenhouse gas emissions in residences and commercial buildings, while improving indoor air quality by improving the building envelope, reducing energy loads, and generating on-site renewable solar energy. The GSP system is comprised of a number of system components including solar/PV and geothermal and produces more clean energy than it produces with no carbon.
GST plans to move its headquarters to Arvada, Colorado there it will concentrate on the development of a national sales program to market the GeoSolar Plus system for new and existing homes.
GST has also assembled a robust management team with both solar and geothermal and capital markets experience. Veteran public company executive and former Chairman and CEO of Piper Aircraft Company, Stone Douglass, has been appointed CEO of GST. He will be joined by Kevin Garvin, a former regional Marketing Director for Tesla/SolarCity (TSLA) for ten years, who will be Director of Business Development
Residential and commercial buildings create approximately
"Now is the ideal time for this strategic spinoff, allowing both companies to participate in the dynamic growth in the coming Green Revolution." Stated Joseph Isaacs, CEO of Fourth Wave. "We believe the GeoSolar Plus technology will make GST a very exciting public company and give Fourth Wave shareholders an opportunity to retain an important equity position in a second fast growing company."
The spin-off of GST is subject to the effectiveness of a registration statement that GST will file with the Securities and Exchange Commission. The date for determining which shareholders of FWAV will receive shares of GST in the spin-off will be determined shortly before the effective date of GST's registration statement. This Press Release is not an offer of any securities of GST and GST is not soliciting offers to acquire any securities of GST.
Fourth Wave Preparing to Acquire Solar Tile Company
In addition to the GeoSolar Technologies spin-off, Fourth Wave has entered into a Letter of Intent to acquire DeSol Power Tiles, a solar roof system provider that manufactures and installs a patented solar roofing system of tiles in lieu of traditional solar panels. Additional details can be found in the Company's announcement press release issued in October. Fourth Wave is projecting the transaction will close in the first quarter of this year. It is expected that GST will become an important customer for the DeSol tiles in its retrofit projects.
About Fourth Wave Energy Inc.
Fourth Wave Energy is a Silicon Valley based climate change solution company that plans to acquire and develop companies that have innovative products and solutions to the carbon problem. The Fourth Wave management team is focused on developing scalable solutions to the decarbonization of buildings.
Company Contact:
Fourth Wave Energy
Phone: 408-213-8874
www.fourthwaveenergy.com
Email: info@fourthwaveenergy.com
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SOURCE Fourth Wave Energy, Inc.
FAQ
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