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The Birch Co. (OTC PINK: ATWT), also known as Atwec Technologies, has signed a non-binding Letter of Intent (LOI) to acquire Prograde Excavating, an expert excavation services provider in Tulsa, OK. This highly synergistic acquisition is expected to add $2 million in annual recurring revenue and vertically integrate development capabilities.
Prograde Excavating specializes in residential excavation, commercial site development, demolition services, and land clearing. The acquisition will bring a seasoned team, numerous excavating equipment, and a client list of residential and commercial developers. The Birch Co. aims to expand its customer base into demolition and land clearing verticals.
The deal is expected to close in Q4 2024, subject to customary closing conditions, and become accretive beginning in Q1 FY2025. This represents the first acquisition as part of The Birch Co.'s expansion strategy, with potential for more in the future.
ATWEC Technologies (OTC: ATWT) has acquired The Birch Co, a prominent construction innovator in the Central U.S., adding over $6 million in annual revenue. This acquisition, completed in a preferred stock deal, changes control of ATWEC, with Darnell Stitts remaining on the Board of Directors. Josh Ploch and Angus Martin will assume the roles of CEO and COO, respectively. The merger aims to enhance market presence, accelerate R&D efforts, achieve cost savings, and strengthen financial stability. Plans include changing the company name to The Birch Co, divesting non-accretive assets, and preparing for an audit and up-listing.
ATWEC Technologies (OTC PINK:ATWT) held its annual Board meeting on December 29, 2022, in Memphis, TN, where it elected new directors Stuart Barton and Baldev Saini. The company is integrating its subsidiaries and focusing on sales opportunities in North America and the Middle East. A new operating plan for 2023 was approved, emphasizing child safety technology. ATWT plans to secure working capital through a registered offering and a short-term bridge loan, with negotiations ongoing with a California VC firm.