Saf-Glas Enters Into Letter Of Intent To Be Acquired By Saxon Capital Group, Whose Common Shares Are Quoted On OTC Markets
Saxon Capital Group (SCGX) announced a non-binding letter of intent to acquire Saf-Glas in a reverse acquisition through a stock-for-stock exchange. Saf-Glas, a 25-year-old glass manufacturing company, specializes in patented Energy Glass technology aimed at the $288 billion flat glass market by 2025. Energy Glass offers advantages like generating electricity and qualifying for tax incentives. However, the acquisition is contingent on due diligence, definitive agreements, board approval, and a minimum $20 million equity raise, with no guarantee of completion.
- Energy Glass technology can generate passive electricity, positioning the combined company favorably in the growing flat glass market estimated at $288 billion by 2025.
- Energy Glass qualifies for tax incentives, potentially saving building owners significant costs.
- The acquisition's completion is contingent upon satisfactory due diligence and securing a minimum $20 million equity raise, which may not be achievable.
RIVIERA BEACH, Fla., Aug. 12, 2021 /PRNewswire/ -- Saf-Glas and Saxon Capital Group (SCGX-OTC) announced that they have entered into a non-binding letter of intent under which Saxon Capital will acquire Saf-Glas in a reverse acquisition transaction to be effected through a stock for stock exchange. Terms of the planned transaction were not disclosed.
Saf-Glas LLC, is a 25-year-old glass producing company that has been developing and testing its patented Energy Glass product for approximately 10 years, receiving several 3rd party testing and certifications. Saf-Glas also produces Blast resistant, Bullet resistant, hurricane resistant and earthquake resistant glass that has been sold to Government and the private sector throughout the world. The combined company's primary focus will initially be geared towards the Flat Glass Market, estimated to be
Energy Glass's proprietary technology is produced by an affiliated laboratory which fabricates and refines a specific nano particle that, when co-extruded into the EnergyGlass™' single source interlayer, has the ability to magnify and direct light, as well as remain visually clear. The light is magnified and then directed to the periphery of the glass plate, at which time the light is converted into electricity. The system components are interlayer, frame and frame architecture. The main proprietary element is an interlayer composition resulting from the co-extrusion of specific inorganic nanoparticles into the interlayer that redirects a portion of light to the periphery of the glass element where solar cells convert the light to electricity.
Energy Glass can incorporate many types of design elements, including tints, low E, insulated, reflective, and glass ceramic. It's designed for windows, doors, greenhouses, transoms, sidelights, skylights, and any other design where transparency, protection, and electrical production are mandated. Energy Glass' technology affords all of the benefits of any other glass, but also has the value add of producing passive electricity from sunlight.
The acquisition is subject to the satisfaction of numerous conditions, including satisfactory due diligence, the negotiation and execution of definitive agreements, board approval, and Saxon Capital Group completing a minimum
Forward-Looking Statements:
Various statements in this release, including those that express a belief, expectation or intention, may be considered "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects or transactions. Forward-looking statements may also include projections and estimates concerning our future operating results and financial condition. When we use the words "will," "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks and uncertainties include but are not limited to unsatisfactory due diligence results, and Saxon's ability to complete a
Contact information : Saxon Capital | Contact Information : Saf-Glas/EnergyGlass |
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SOURCE Saxon Capital Group
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