$ASPZ ASPZ Announces it Will Acquire Texas Based Hydrogen Tech Company SRE Power, Inc.
https://www.accesswire.com/883736/aspz-announ...-power-inc
CHEYENNE, WY / ACCESSWIRE / July 1, 2024 / Asia Properties Inc. (OTC PINK:ASPZ) has signed an agreement to acquire SRE Power, Inc., the Houston-based hydrogen technology company in a share-for-share deal. The deal values SRE at $72m.
SRE is projecting an annual turnover of $3.5 billion within four years from the successful deployment of its groundbreaking HyOrc heavy-duty engine for the truck, train and ship markets. Powered by its exclusive combination of hydrogen gas and Organic Rankine Cycle (‘ORC'
turbines, SRE's patented HyOrc engine promises to disrupt the EV and hydrogen fuel-cell industry with ultra-high efficiency, zero emissions, unmatched driving range and affordability.
The engine's utility is dynamic - it can be used as the powertrain in HGV trucks, trains and ships, as well as in stationary power stations. The first target for the HyOrc is the $350 billion heavy-duty truck market which currently lacks any technology with comparable efficiency, affordability and zero emissions. Not requiring any rare cobalt, lithium, platinum, nafion, or ruthenium-based batteries, nor hydrogen fuel cells, the HyOrc is unprecedented in its sustainability & environmental friendliness and looks set to establish itself quickly as the leader in the race for a truly green powertrain premised entirely on renewables.
On completion of the transaction, ASPZ will change its name to HyOrc, Inc and restructure its Board. James McNaught-Davis, a seasoned private equity professional and venture capital investor with an investment management and advisory background at prominent firms including Advent, Merrill Lynch, Schroders, Warburg Pincus, and WHEB, has been selected to become the Chairman. Meanwhile the tech entrepreneur Reginald Fubara, SRE's founder and CEO, will take over HyOrc's executive leadership.
Management Statements:
Asia Properties' CEO, Debra Childers, expressed delight at the SRE acquisition. According to her, "The agreement with SRE is a strategic move towards accelerated development and commercialization of the revolutionary HyOrc powertrain, a disruptor solution for heavy-duty application. We believe we have now created the foundations for a Tesla class company, driven by genuine sustainability and a vision to make a real impact on global consciousness".
Reginald Fubara, the SRE CEO, remarked that the merger was a pivotal moment for the HyOrc engine. "The development of the HyOrc powertrain will be propelled by the combined resources of the merged companies and will bring value to the shareholders more quickly than previously planned."
James McNaught-Davis added, "This agreement now enables us to leverage the significant capital resources available in the public markets and bring the HyOrc powertrain to market faster, thereby creating significant value for shareholders as we plan to up-list to Nasdaq or NYSE soon."
https://www.accesswire.com/883736/aspz-announ...-power-inc
CHEYENNE, WY / ACCESSWIRE / July 1, 2024 / Asia Properties Inc. (OTC PINK:ASPZ) has signed an agreement to acquire SRE Power, Inc., the Houston-based hydrogen technology company in a share-for-share deal. The deal values SRE at $72m.
SRE is projecting an annual turnover of $3.5 billion within four years from the successful deployment of its groundbreaking HyOrc heavy-duty engine for the truck, train and ship markets. Powered by its exclusive combination of hydrogen gas and Organic Rankine Cycle (‘ORC'
turbines, SRE's patented HyOrc engine promises to disrupt the EV and hydrogen fuel-cell industry with ultra-high efficiency, zero emissions, unmatched driving range and affordability. The engine's utility is dynamic - it can be used as the powertrain in HGV trucks, trains and ships, as well as in stationary power stations. The first target for the HyOrc is the $350 billion heavy-duty truck market which currently lacks any technology with comparable efficiency, affordability and zero emissions. Not requiring any rare cobalt, lithium, platinum, nafion, or ruthenium-based batteries, nor hydrogen fuel cells, the HyOrc is unprecedented in its sustainability & environmental friendliness and looks set to establish itself quickly as the leader in the race for a truly green powertrain premised entirely on renewables.
On completion of the transaction, ASPZ will change its name to HyOrc, Inc and restructure its Board. James McNaught-Davis, a seasoned private equity professional and venture capital investor with an investment management and advisory background at prominent firms including Advent, Merrill Lynch, Schroders, Warburg Pincus, and WHEB, has been selected to become the Chairman. Meanwhile the tech entrepreneur Reginald Fubara, SRE's founder and CEO, will take over HyOrc's executive leadership.
Management Statements:
Asia Properties' CEO, Debra Childers, expressed delight at the SRE acquisition. According to her, "The agreement with SRE is a strategic move towards accelerated development and commercialization of the revolutionary HyOrc powertrain, a disruptor solution for heavy-duty application. We believe we have now created the foundations for a Tesla class company, driven by genuine sustainability and a vision to make a real impact on global consciousness".
Reginald Fubara, the SRE CEO, remarked that the merger was a pivotal moment for the HyOrc engine. "The development of the HyOrc powertrain will be propelled by the combined resources of the merged companies and will bring value to the shareholders more quickly than previously planned."
James McNaught-Davis added, "This agreement now enables us to leverage the significant capital resources available in the public markets and bring the HyOrc powertrain to market faster, thereby creating significant value for shareholders as we plan to up-list to Nasdaq or NYSE soon."
