Superbox Inc. Announces Asset Purchase Agreement and Changes in Executive Leadership
Rhea-AI Summary
Superbox Inc. (OTC PINK:SBOX) has announced a significant strategic move with the signing of a binding Asset Purchase Agreement with ǪK Innovation The deal includes acquiring patents for Water in Diesel Fuel Emulsion technology and related assets, along with a change in executive leadership. Key points:
1. Acquisition of intellectual property patents for 'Apparatus for Stable NanoEmulsions of Water in Diesel Fuel'
2. Acquisition of a white diesel production unit
3. Major changes in executive leadership and Board of Directors
4. Suneel Sawant remains as Chairman, with Claudio Mirella appointed as new CEO
5. Focus on strengthening position in the Fuel Emulsion market and Clean Energy solutions
This strategic move aims to enhance Superbox's market presence in the green energy sector and expand its product and service offerings.
Positive
- Acquisition of valuable patents for Water in Diesel Fuel Emulsion technology
- Acquisition of a white diesel production unit, granting full rights to sales, manufacturing, and services
- Strategic positioning in the Transition and Green Energy sectors
- Potential for expanded market presence and impact in the green energy sector
- Appointment of new executive team with relevant expertise
Negative
- Significant changes in executive leadership may lead to temporary operational disruptions
- Potential integration challenges with newly acquired assets and technologies
- Execution risks associated with entering new markets and technologies
News Market Reaction 1 Alert
On the day this news was published, SBOX declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MIAMI, FL / ACCESSWIRE / July 30, 2024 / Superbox, Inc. (OTC PINK:SBOX) ("Superbox" or the "Company"), a Nevada corporation headquartered at West Palm Beach, Florida, and a leading company in Green Energy and Transition Technologies, announced today that it has entered into a binding Asset Purchase Agreement with ǪK Innovation Ltd, a corporation located in London, UK.
This agreement, involves acquiring the patents for Water in Diesel Fuel Emulsion industry-related and assets and entails a change of control of the Company's Executives and Directors.
By means of this transaction, Superbox aims to significantly strengthen its corporate structure, positioning itself in the Fuel Emulsion market globally while continuing its commitment to spreading and developing Clean Energy solutions.
Asset Purchase Agreement: Asset Purchase Agreement: Superbox has agreed to exclusively acquire the entire intellectual property patents for the "Apparatus for Stable NanoEmulsions of Water in Diesel Fuel", a patented technology.
This strategic acquisition represents a significant move into the Transition and Green Energy sectors for Superbox. In addition to obtaining patents, Superbox has also acquired a white diesel production unit, granting them full rights to sales, manufacturing, and services in this area.
This acquisition strengthens Superbox's commitment to improving its Energy products and services, with the goal of expanding its market presence in the green sector. By enhancing and cultivating the company's relationships and partnerships, Superbox aims to broaden its reach and impact. The transaction is expected to be finalized pending the fulfillment of standard closing conditions.
Change in Executive Leadership: Alongside the asset purchase, there will be significant changes in the executive leadership team and the Board of Directors at Superbox, Inc.
Resigning Officers and Directors:
Suneel Anant Sawant, Chairman, President and Director
Vinnay Kumar Reddy Sarikonda, Director
Michele Collini, Director
Appointed Officers and Directors:
Suneel Sawant, Chairman of the Board and Director
Claudio Mirella, CEO and Director
Andrea Piazzoli, Executive President and Director
Bruno Polistina, CFO and Director
Daniele De Molli, COO and Director
Samuele Lucchini, Independent Director
Enrico Fumagalli, CTO
Statement from the Chairman: "I am thrilled to announce our recent asset purchase, which marks a significant milestone in our growth strategy. This acquisition not only expands our market presence but also brings in on board a talented team from ǪK Innovation Ltd., who will add invaluable expertise and innovation to our company culture.
Additionally, I am pleased to introduce Claudio Mirella as the new CEO of Superbox Inc. Claudio, along with our new Board and Governance team members, brings a wealth of experience and vision that align perfectly with our strategic objectives moving forward. This new chapter promises tremendous opportunities for collaboration, innovation, and growth. I encourage our shareholders to warmly welcome our new colleagues and embrace the fresh perspectives they bring. Together, we are poised to achieve great goals and strengthen our position in the market of the transition Energy. Let's join together in celebrating this milestone and looking forward to a successful future together."
About Superbox, Inc.: Superbox is a company focused on cutting-edge transition technologies related to the Fuel sector. Highly specialized in the field of alternative fuels, aimed at deep emissions reduction and decarburization of various fuels, the Company continuously strives to innovate with the ultimate goal to a zero-carbon footprint. At present, the Company holds patented and internationally applied technologies. The Company's technologies are related mainly to Nano Emulsions Fuels, but the Company is actually finalizing innovative research on desulfurization of Fuels and waste to energy solutions using both urban and several industrial wastes.
Forward-Looking Statements: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "plan", "confident that", "Believe", "expect", "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financing and other risks.
CONTACT:
Cygna Finance Ltd, Listing agent
ejc@cygna.finance
SOURCE: Superbox, Inc.
View the original press release on accesswire.com
FAQ
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