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The Coretec Group (OTCQB: CRTG) has announced its acquisition of a controlling stake in KIB Plug Energy Co., , a KOSPI-listed company in South Korea. KIB Plug Energy operates in 53 countries, providing design, engineering, manufacturing, and maintenance solutions for chemical and petroleum production plants. The company has demonstrated financial stability with annual revenues exceeding $70 million over the past five years. Dr. Kim, co-chairman of Coretec, described the acquisition as transformative, emphasizing their focus on energy innovation and sustainable solutions.
The Coretec Group (OTCQB: CRTG) has acquired a controlling stake in KIB Plug Energy, a KOSPI-listed company operating in 53 countries with annual revenues exceeding US$70M. The transaction, valued at approximately US$18.24M, includes 17.96M shares and an additional 24M shares via SPA, with ongoing negotiations for 34M more shares.
KIB Plug Energy, which reported US$97.5M in revenue and US$10.3M in net income for 2023, specializes in design, engineering, and manufacturing services for chemical and petroleum production plants. The company secured US$8.37M through a private placement of Series D Convertible Preferred Stock to fund the acquisition.
Coretec plans to establish a giga-scale battery manufacturing facility in the United States and is restructuring its Core Optics subsidiary. The company projects consolidated annual revenues to exceed US$100M following these strategic moves.
The Coretec Group (OTCQB: CRTG) has completed its share exchange agreement with Core Optics, , making it a wholly-owned subsidiary. Key highlights include:
1. Dr. Seonkee Kim appointed as new CEO of Core Optics
2. Core Optics strengthens position in automotive camera module testing market
3. Combined revenue forecast: $8M USD for FY2024, $16M USD for FY2025
4. Positioned to capitalize on global automotive camera market growth (projected $18.18B by 2030)
5. Core Optics brings 40,000 sq ft facility, 40+ employees, and 90+ patents
The acquisition aims to boost Coretec's presence in the expanding compact camera module market and open doors to North American manufacturers and capital markets.
The Coretec Group (OTCQB: CRTG), a developer of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for EVs and cleantech applications, has extended the closing date for its share exchange agreement with Core Optics, to August 15, 2024. The extension is due to ongoing efforts to meet final closing conditions, primarily the need to convert Core Optics' accounting from Korean International Financial Reporting Standards (K-IFRS) to US GAAP. Both companies' leadership remain confident in the deal's completion and anticipate the next phase of the Company's evolution, focusing on increasing revenue generation and building shareholder value.
The Coretec Group (OTCQB: CRTG) and Core Optics, developers of silicon anode materials for lithium-ion batteries and other advanced materials, announced progress toward the final closing of their share exchange transaction. Core Optics forecasts $8M in revenue for 2024 and $16M for 2025, predominantly driven by the automotive market. They have expanded their workforce and facilities to meet demand. Preliminary unaudited results show Core Optics generated $1.81M in revenue and $4,500 in operating profit for the period ending December 31, 2023, with $0.88M in revenue and $18,400 in operating profit for Q1 2024.
The Coretec Group (OTCQB: CRTG) announced successful resolution of key closing conditions for its share exchange with Core Optics, The agreement with Armistice Capital, to repurchase warrants satisfies a major condition. Additionally, the conversion of all Series A Preferred Stock into shares will eliminate the preferred stock class. Core Optics is nearing audit completion for the 2023 fiscal year with PCAOB-registered TAAD LLP. Since the share exchange agreement, Core Optics has seen rapid revenue growth and increased order backlog in the automotive sector. This strategic move aims to leverage Core Optics' ties with Korean battery manufacturers to boost Endurion's commercialization.
The Coretec Group announced the filing of a full utility patent application for its silicon-based battery anode development program, Endurion, and provided an update on the definitive share exchange agreement with Core Optics, The patent filing showcases unique methodologies for enhancing battery performance, while Core Optics is growing its revenue and headcount to meet high demand.
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