Tiderock Companies and MTAG Composites Execute Binding LOI and Agree to Extend Closing Date

Rhea-AI Summary

Tiderock Companies, Inc. (TDRK) announced an extension of the closing date for a proposed merger with MTAG Composites, emphasizing the acquisition of real estate alongside the operating business due to growth opportunities. The agreement includes a 30-day extension for real estate transfer if required, showing a strategic move towards expansion and development.

BOSTON, MA / ACCESSWIRE / April 2, 2024 / Tiderock Companies, Inc. ("we", "our", or the "Company"), (OTC Pink:TDRK) announced today both parties have executed a binding letter of intent and have mutually agreed to extend the closing date of the proposed merger to April 30, 2024.

During due diligence, it was determined that based on the current growth opportunities at MTAG along with the strategic nature of its services, it would be imperative for Tiderock to also acquire the Real Estate along with all the operating business. MTAG Composites is located on 4.5 acres encompassing five (5) building providing over 61,000 sq ft of manufacturing space. With the existing sales pipeline, it will become imperative additional buildings on the property will need to be constructed supporting its short-term growth.

Both parties have agreed to work towards an April 30, 2024 closing date, but have incorporated an additional 30-day extension to support the real estate transfer, if needed.

About Tiderock Companies, Inc.: Tiderock Companies is a diversified investment and advisory services company, specializing on real estate, land development, infrastructure, and private equity. With over 20 years of real estate experience, the Company specializes in land development, mixed-use real estate development, project management and public-private partnerships. Tiderock Companies, Inc. (OTC Pink:TDRK) is headquartered in Boston, MA., and can be contacted at www.tiderockcompanies.com or by phone at (800) 791-8433.

About MTAG Composites, LTD.: Established in 2008, MTAG Composites https://mtagcomposites.co.uk/ specializes in the manufacture of high quality Phenolic, Epoxy and Polyester Glass Fiber and Carbon Fiber reinforced plastic moldings with a diverse product mix for customers within the aerospace, automotive, marine, rail and construction industries. MTAG manufacturing facilities consist of over 61,000 sq ft based at Coningsby, Lincolnshire UK and employ over 120 employees.

Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

For more information:
Tiderock Companies, Inc.
53 State Street, Suite 500
Boston, MA 02109

Thomas B. Fore, CEO
Email: info@tiderockcompanies.com
Phone: (800) 791-8433

SOURCE: Tiderock Companies, Inc.

View the original press release on accesswire.com

FAQ

What is the ticker symbol for Tiderock Companies, Inc. mentioned in the press release?

The ticker symbol for Tiderock Companies, Inc. is TDRK.

What was announced by Tiderock Companies, Inc. regarding the proposed merger in the press release?

Tiderock Companies, Inc. announced an extension of the closing date for the proposed merger with MTAG Composites.

Why did Tiderock Companies, Inc. decide to acquire the real estate along with the operating business?

Tiderock Companies, Inc. decided to acquire the real estate alongside the operating business due to the current growth opportunities at MTAG and the strategic nature of its services.

What is the size of the manufacturing space at MTAG Composites mentioned in the press release?

MTAG Composites is located on 4.5 acres encompassing five (5) buildings providing over 61,000 sq ft of manufacturing space.

What is the closing date set for the proposed merger mentioned in the press release?

The closing date for the proposed merger is set for April 30, 2024, with an additional 30-day extension incorporated for real estate transfer if needed.