Smartt, Inc. FKA Carsmartt, Inc. Acquires Costrade S.P.A; Over $1 Billion in Executed Projects

Smartt Inc. (OTC Pink: CRSM) has acquired Costrade S.P.A., a construction firm with a strong track record of around $1 Billion in completed projects since 1951.

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Rhea-AI Summary

Smartt Inc. (OTC Pink: CRSM) has acquired Costrade S.P.A., a construction firm with a strong track record of around $1 Billion in completed projects since 1951. The acquisition, finalized on August 22, 2021, is expected to enhance Smartt's construction division significantly. The first payment consists of 50 million restricted shares valued at approximately $1.1 million, with future payments based on share performance. Smartt aims to expand Costrade S.P.A.'s operations into the U.S. and LATAM, positioning the company as a leading construction entity in Europe.

Positive

Acquisition of Costrade S.P.A. enhances Smartt's construction capabilities.
Costrade S.P.A. has a strong reputation and extensive project history (approx. $1 Billion).
Potential expansion of Costrade S.P.A. into the U.S. and LATAM markets.

Negative

Transaction involves payment in restricted shares, which may affect liquidity.
Future payments are contingent on share price performance, introducing uncertainty.

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News Market Reaction – CRSM

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08/23/2021 - 09:45 AM

Miami, FL, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Smartt Inc., (OTC Pink: CRSM), is pleased to announce the acquisition of Costrade S.P.A., a Construction company founded in 1951 with a track record of approximately $1 Billion in executed projects during the years of operation. The Company was previously known as Visconti S.P.A. and has been working mostly with the Italian Government for public projects. One of the current projects where Costrade S.P.A is involved, is the LTR (Linea Tranviaria Rapida) which is the “Underground Fast Train” in Campania region in Italy.

Mr. Diego Visconti, Director of Smartt, Inc., commented: “Smartt, Inc. has signed an agreement for the acquisition of 100% of the shares of Costrade S.P.A., Inc. The Company will be a great asset for Smartt, Inc for the construction division. The transaction has closed on August 22, 2021.”

The First deposit for the acquisition will be 50,000,000 restricted shares at two years that is equivalent to a value of approximately $1.1 Million. The balance due will be a determinate by the performance of share price during the next two years from future forecasted growth. Smartt, Inc. will have the option to pay in cash before the 2-year restriction has matured.

Mr. Visconti, Director of Smartt, Inc. added “Costrade S.P.A. will put us on the map as one of the leading Construction Companies in Italy and Europe with a great reputation of executed projects. Our goal is to expand Costrade S.P.A to the United States and LATAM.”

About Smartt, Inc.:

Smartt, Inc. is a Holding company with different subsidiaries in the fields of Technology (Fintech, Crypto, Blockchain, Software), Real Estate and Construction.

About Costrade S.P.A.:

Costrade,S.P.A. is a Construction Company since 1951 with physical office located in Naples, Italy.

CONTACT

Smartt, Inc.

2828 Coral Way

Miami, FL 33145

Website: http://www.smarttholdings.com

Phone: 786-409-7439

Email: info@carsmartt.com

FORWARD-LOOKING STATEMENT

Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although SMARTT, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, SMARTT, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability to meet the conditions necessary to, among other matters, obtain a public listing on a major national exchange.

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the acquisition deal involving Smartt Inc. and Costrade S.P.A.?

Smartt Inc. acquired Costrade S.P.A. for 100% of its shares, valued initially at approximately $1.1 million in restricted shares.

When was the acquisition of Costrade S.P.A. completed?

The acquisition was completed on August 22, 2021.

What is the significance of acquiring Costrade S.P.A. for Smartt Inc.?

The acquisition positions Smartt Inc. as a competitive player in the construction sector in Italy and Europe, with plans for expansion.

How much has Costrade S.P.A. generated in executed projects historically?

Costrade S.P.A. has a notable track record with approximately $1 Billion in executed projects since its founding in 1951.

What are the future plans for Costrade S.P.A. after the acquisition?

Smartt Inc. aims to expand Costrade S.P.A.'s operations into the U.S. and LATAM markets.

Smartt, Inc. FKA Carsmartt, Inc. Acquires Costrade S.P.A; Over $1 Billion in Executed Projects