The Coretec Group and Core Optics LLC Announce They Have Entered into a Definitive Share Exchange Agreement
ANN ARBOR, Mich., March 06, 2024 (GLOBE NEWSWIRE) -- The Coretec Group, Inc. (OTCQB: CRTG) (the “Company”), developer of silicon anode active materials for lithium-ion batteries, and cyclohexasilane (CHS) for EV, cleantech, and 3D display technology, and Core Optics, LLC (“Core Optics”) announced today that they have entered into a definitive share exchange agreement pursuant to which, on the closing date, the Company is expected to acquire 100% of the membership interests of Core Optics, LLC and its subsidiaries which hold all its tangible assets and intellectual property across all its technologies and industry verticals. Subsequent to the closing of the transaction, the combined company will continue to operate under the name The Coretec Group, Inc. and trade under the ticker symbol CRTG, before pursuing uplisting to a senior exchange when it believes the combined company can satisfy initial listing requirements. The Closing of the transaction is subject to customary closing conditions.
- Core Optics specializes in the design and fabrication of cutting-edge inspection and assembly machinery for the CCM industry.
- Core Optics has amassed a wealth of expertise and data pertaining to its testing algorithms, including the rights to over 30+ patents.
- Core Optics recently expanded its service scope to encompass the burgeoning Electric Vehicle (EV) market.
- It represents a significant value proposition for Core Optics’ automotive business, facilitated by the Company’s existing sales channel and customer relationships.