Tiderock Companies and MTAG Composites to Merge to Create Global Materials Company

Rhea-AI Summary

Tiderock Companies, Inc. announces the acquisition of MTAG Composites LTD, a UK-based manufacturer with strong market presence and growth potential. MTAG forecasts impressive financial performance for 2024, with a purchase price of $8.44M USD. The merger will lead to two primary divisions within Tiderock Companies, focusing on manufacturing and real estate.

BOSTON, MA / ACCESSWIRE / February 20, 2024 / Tiderock Companies, Inc. ("we", "our", or the "Company"), (OTC Pink:TDRK) is pleased to announce the signing of a Letter of Intent to acquire controlling interest of MTAG Composites LTD., a UK-based manufacturer renowned for its specialized molding solutions.

https://mtagcomposites.co.uk/

Established in 2008, MTAG Composites LTD, ("MTAG") has a solid footing in the European Marketplace, delivering a broad array of services across multiple sectors:

Rail		Automotive
Aerospace		Construction
Marine		Defense

MTAG is well-positioned to capitalize on the composites market's growth, which saw a valuation of USD $105.75 billion in 2022, and is expected to surge to USD $191.36 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032. For the fiscal year 2024, MTAG forecasts Gross Revenue of $12.5M USD, EBITDA of $3.0M USD and net income of $1.75M USD.

The purchase price of 90% of MTAG is £6.75M GBP (approximately $8.44M USD). The payment structure includes a promissory note of $1,250,000 USD, the issuance of 625,000 Series D Preferred Shares, and a reserve portion of the purchase price payable in cash and/or common stock at the Company's discretion after 12 months. New Series D Preferred shares, with a par value of $0.001, will have a stated value of $10 and can be converted into common stock at $0.20 per share, equating to 50 common shares for each share of Series D Preferred Stock. The transaction's closing is contingent upon satisfactory due diligence, definitive agreements and is slated to close by March 31, 2024.

Following the merger's completion, Tiderock Companies will operate under two primary divisions: manufacturing and real estate. MTAG shall lay the groundwork for the manufacturing efforts, extending its UK footprint to the United States and additional UK sites.Amidst a backdrop of stabilized interest rates and continued housing demand in targeted US markets, the Real Estate division, under the Sora brand, continues to develop unique commercial properties. The Company has discontinued activities related to the previously contemplated solar joint venture.

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 name of the UK-based manufacturer that Tiderock Companies, Inc. is acquiring?

Tiderock Companies, Inc. is acquiring MTAG Composites LTD.

What is the forecasted Gross Revenue for MTAG Composites LTD in 2024?

MTAG forecasts Gross Revenue of $12.5M USD for 2024.

What is the purchase price for 90% of MTAG Composites LTD?

The purchase price for 90% of MTAG is $8.44M USD.

When is the transaction's closing expected to take place?

The transaction's closing is slated to occur by March 31, 2024.

How many primary divisions will Tiderock Companies have post-merger?

Tiderock Companies will operate under two primary divisions: manufacturing and real estate.