Twin Vee Powercats, Inc. Issues Statement

Rhea-AI Summary

Twin Vee Powercats, Inc. (OTC: TVPC) has clarified its relationship with Twin Vee PowerCats Co. (Nasdaq: VEEE) following numerous inquiries from stockholders. Until July 20, 2021, TVPC was the parent company of its wholly-owned subsidiary, Twin Vee PowerCats Co. After the subsidiary's IPO, TVPC remains its largest shareholder, holding 4,000,000 shares. Currently, TVPC has nominal operations and plans to distribute VEEE shares to its stockholders once a one-year lock-up period expires. The company is exploring legal and tax structures for this distribution.

Positive

• TVPC is the largest shareholder of Twin Vee PowerCats Co., holding 4,000,000 shares.
• Plans to distribute VEEE shares to TVPC shareholders after lock-up period.

Negative

• TVPC has nominal business operations, raising concerns about operational viability.
• Shareholder distribution of VEEE shares is contingent on the expiration of a one-year lock-up agreement.

FORT PIERCE, FL / ACCESSWIRE / August 25, 2021 / Twin Vee Powercats, Inc. (OTC Markets:TVPC) has released the following statement:

We have received many inquiries from our stockholders regarding the relationship between Twin Vee Powercats, Inc. "OTC:TVPC" and Twin Vee PowerCats, Co. "Nasdaq:VEEE."

For the period between 2016 through July 20, 2021, TVPC was the parent company and Twin Vee PowerCats Co. was its wholly-owned, operating subsidiary. On July 20, 2021 Twin Vee PowerCats Co., TVPC's subsidiary, became a publicly-traded company on NASDAQ and now trades under the ticker symbol VEEE.

TVPC, the parent company, remains the largest shareholder of Twin Vee PowerCats Co. owning 4,000,000 shares of common stock of Twin Vee PowerCats Co. on the TVPC balance sheet.

As of today, TVPC has nominal business operations and TVPC's main asset remains the 4,000,000 VEEE shares.

TVPC is subject to a one-year lock-up agreement following the date of the VEEE IPO last month.

TVPC intends to distribute the VEEE shares to the shareholders of TVPC once the lock-up has expired. We are currently reviewing the best legal and tax structure to effect such a distribution.

We thank our stockholders for your continuing support.

About Twin Vee Powercats, Inc.

Headed by CEO Joseph Visconti and originally founded in 1994, Twin Vee Powercats, Inc. is the largest shareholder in Twin Vee PowerCats Co. (Nasdaq:VEEE).

CONTACT:
Glenn Sonoda
investor@twinvee.com
(772) 429-2525

SOURCE: Twin Vee Powercats, Inc.

View source version on accesswire.com:
https://www.accesswire.com/661376/Twin-Vee-Powercats-Inc-Issues-Statement

FAQ

What is the relationship between Twin Vee Powercats, Inc. and Twin Vee PowerCats Co. as of August 2021?

As of August 2021, Twin Vee Powercats, Inc. (TVPC) was the parent company and Twin Vee PowerCats Co. (Nasdaq: VEEE) was its wholly-owned subsidiary that became publicly traded on July 20, 2021.

How many shares does Twin Vee Powercats, Inc. own in Twin Vee PowerCats Co.?

Twin Vee Powercats, Inc. owns 4,000,000 shares of Twin Vee PowerCats Co.

When will TVPC distribute shares of Twin Vee PowerCats Co. to its shareholders?

TVPC intends to distribute shares of Twin Vee PowerCats Co. to its shareholders after the one-year lock-up period expires following the IPO.

What is the current business status of Twin Vee Powercats, Inc.?

As of now, Twin Vee Powercats, Inc. has nominal business operations.