Trutankless, Inc. Announces Plans for Spin-Off of Notation Labs, Inc.
Trutankless, Inc. (OTCQB: TKLS) announced plans to spin off its wholly-owned subsidiary, Notation Labs, Inc. A Form 10 Registration Statement will be filed for the planned separation. Shareholders will receive shares of Notation Labs on a 4:1 basis on a Distribution Date set by the Board of Directors. This means for every four shares of Trutankless common stock held, a shareholder will receive one share of Notation Labs. Post-transaction, both companies will report to the SEC, enhancing transparency.
- Planned spin-off may unlock shareholder value.
- Noted intention to enhance transparency through SEC reporting.
- None.
PHOENIX, Nov. 4, 2021 /PRNewswire/ -- Trutankless, Inc. (OTCQB: TKLS) today announced its intention to spin-off its wholly-owned subsidiary, Notation Labs, Inc. The subsidiary company is preparing to file a Form 10 Registration Statement in connection with the planned spin-off. Following the consummation of the transaction, each of the two companies will be fully-reporting with the U.S. Securities and Exchange Commission.
On a date determined by the Board of Directors of the Company, (the "Distribution Date"), each Shareholder having common stock as of the Distribution Date will be entitled to receive shares of the common stock of Notation Labs, Inc. pro rata based on a 4:1 ratio. So that for each four (4) shares of Common Stock of Trutankless, Inc. held by a Shareholder on the record date, the Shareholder will receive one share of common stock of Notation Labs, Inc. Immediately following the Distribution, those stockholders will own
No action will be required of Trutankless, Inc. stockholders to participate in the distribution and receive shares of Notation Labs common stock.
About Trutankless, Inc.:
Trutankless, Inc. (OTCQB: TKLS) is a technology-driven developer of accessible, next-generation home automation and efficiency systems. The Company's primary products are a line of electric tankless water heaters that surpasses traditional tank water heaters in energy efficiency, output, dependability and environmental sustainability. The Company sells its products to plumbing wholesale distributors and dealers throughout the United States. Trutankless, Inc. was founded in 2008 and is headquartered in Scottsdale, Arizona.
Please visit www.trutankless.com or call 855-TO-BUY-TRU.
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About Notation Labs, Inc.:
Notation Labs, Inc. was incorporated as a Nevada corporation on August 28th, 2020 and has been a wholly owned subsidiary of Trutankless, Inc. Notation Labs mission is to innovate water technologies that conserve water and to produce products for consumers which are engineered to provide comfort and peace of mind. Pacific Stock Transfer is the transfer agent for Notation Labs, Inc.
Forward-Looking Statement: The statements in this press release regarding any implied or perceived benefits from the release by Trutankless of its line of electric tankless water heaters or added key strategic sales and distribution partners are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, risks of the key strategic sales and distribution partners ability to sell our product, and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions, and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. There is no guarantee that any specific outcome will be achieved. Past performance is not indicative of future results.
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SOURCE Trutankless, Inc.
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