$ECOX / WRA Holdings Merger Overview - Updated January 4, 2026
New CEO: Richard C Hawkins wef April 2, 2025
Merger With WRA Holdings, Inc. [WRA]
Major Update - December 2025 [source: PR dated December 8, 2025]
- Reverse merger with WRA completed December 4, 2025.
- $ECOX now the public company platform for WRA's national infrastructure and environmental redevelopment programs in Costa Rica.
- $ECOX and WRA have executed a comprehensive suite of agreements governing the change of control and merger, including:
-- Master Sales Agreement.
-- Stock Purchase Agreement.
-- Share Exchange Agreement.
-- Consulting Agreement.
-- Related ancillary documents.
- WRA will contribute all of its issued and outstanding equity interests into $ECOX in exchange for newly issued shares of $ECOX common stock.
- WRA will become a wholly owned subsidiary of $ECOX which will operate as the publicly traded parent company of the combined enterprise.
- This structure provides shareholders with direct exposure to WRA's national program spanning rail, logistics, energy, water and environmental redevelopment initiatives throughout Costa Rica.
- All known legacy convertible notes associated with $ECOX's prior business model now resolved - final outstanding note extinguished December 8, 2025.
-- This note, held by a nonstrategic lender in the amount of $195K, had been the only recent source of conversion activity in the market.
-- Its elimination removes the last material legacy overhang from the prior business model and represents an important step toward stabilizing the capital structure, reducing dilution risk, and preparing $ECOX for the long term development cycle associated with WRA's national infrastructure portfolio.
- WRA has approximately $700M in project financing established by a 3rd party lender in a designated clearing account in Toronto for WRA's national infrastructure program in Costa Rica.
-- These funds are in final settlement processes and are expected to be released for use imminently.
-- The financing is intended to support the development of WRA's national railway, environmental redevelopment, logistics, and energy initiatives.
-- $ECOX and WRA are also evaluating the potential allocation of a portion of this financing to long term capital structure optimization strategies including potential $ECOX share repurchase initiatives.
- See full PR for comments by the CEO.
- WRA's master plan encompasses:
-- A national railway and logistics corridor connecting Costa Rica's northern, central, and Caribbean regions.
-- A new international airport.
-- Waste to energy facilities.
-- Clean water facilities.
-- Coastal restoration programs.
-- Regional healthcare infrastructure.
- These initiatives form part of a broader multi-$B national program designed to modernize Costa Rica's transportation, energy and environmental systems.
Additional Information - November 2025 [source: PRs dated November 7 and 13, 2025]
- An estimated $3B in projected gross revenues during the first 5 years of operation.
- Includes these 2 integral components of Costa Rica's broader $3.8B to $5B national rail and environmental redevelopment program:
-- Waste-to-energy facility in Abangares.
-- 50% interest in the Pacífico Railway Line.
- Name and ticker change anticipated upon completion of definitive agreements and required approvals.
- Positive response from Instituto Costarricense de Ferrocarriles [INCOFER], Costa Rica's national rail authority, on November 13, 2025 regarding WRA's ongoing efforts to advance the National Railway Master Plan for the Republic of Costa Rica.
- In the coming weeks, WRA and INCOFER will coordinate a formal meeting to discuss the Master Plan in detail and to explore potential pathways for collaboration models. [source: PR dated November 13, 2025]
Additional Information - December 2025 [source: PRs dated December 11, 18, 22 and 29, 2025]
- Térraba Indigenous Integral Development Association has committed approximately 2,400 Hectares / 6,000 acres to supply sand, gravel and raw materials for Costa Rica infrastructure buildout Including the elevated national railway.
- 7 other tribes have expressed interest in establishing similar partnerships.
- Work session with the Municipal Government Council of Buenos Aires de Puntarenas, Costa Rica held on December 16, 2025.
- Company to develop 50 hectares for gasification plant, sand and gravel operations and infrastructure projects in Buenos Aires de Puntarenas.
$ECOX Strong Speculative Buy Rating from Harbinger Research [source: PR dated December 22, 2025]
- $ECOX evolving business profile following the merger.
- Strategic focus on large-scale infrastructure, environmental redevelopment, and sustainable development initiatives in Costa Rica.
- Improvements to capitalization.
- Elimination of legacy non-strategic obligations.
- Expanded scope of operating platform through WRA's national infrastructure initiatives.
- Merger materially reshapes $ECOX's long-term growth profile.
- Buy rating based on qualitative and strategic factors, citing the scale of WRA's development plans and the Company's evolving capital structure.
- Rockport Investment Partners engaged to perform an independent valuation of assets acquired in the WRA share exchange.
- The valuation will be recorded under ASC 805 and is required for the Company to complete a PCAOB audit for fiscal year 2025.
- Upon completion, $ECOX intends to reinstate its SEC reporting status, which it voluntarily withdrew from in 2023.
- Full Harbinger Research report:
https://d1io3yog0oux5.cloudfront.net/harbinge...8001fd.pdf
Costa Rica Visioning Presentation
https://drive.google.com/file/d/14GraTNc7k2_t...Xfyqm/view
WRA Fact Sheet
https://drive.google.com/file/d/1q4LDdfjM5Cw1...DPQdu/view
Costa Rican Media Articles
Tico Island - September 2, 2025
"Limón’s Transformation Underway with Massive Infrastructure Investment"
https://ticosland.com/limons-transformation-u...e_vignette
Tico Times - November 11, 2025
"Group Unveils Vision to Upgrade Limón Costa Rica"
https://ticotimes.net/2025/11/11/costa-ricas-...ups-vision
Current Tier: OTCID
Share Structure - Updated January 2, 2026
Transfer Agent Verified
No change - no dilution
Usually updated weekly after close Friday - view Saturday
Authorized Shares: 12,000,000,000
Outstanding Shares: 7,426,124,405
Restricted: 283,572,035
Unrestricted: 7,142,552,370
Held At DTC: 7,131,343,050
Note 1: It is only the Held At DTC Shares count that is relevant to current trading provided it is updated at the same time as the Unrestricted Outstanding Shares count.
Note 2: Relatively low Held At DTC Shares count - only 7.1B - for a stock in the .0005 > .1 range.
Note 3: All legacy debt extinguished December 8, 2025 [source: PR After Close December 8, 2025]
2025 PRs
News - July 10. Eco Innovation Group Provides Company Update Highlighting Strategic Advisory Division.
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=485423
News - November 7. Eco Innovation Group Announces Letter of Intent to Merge with WRA Holdings, Inc., Advancing Costa Rica Infrastructure and Environmental Redevelopment Initiatives.
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=499207
News - November 10 - After Close. Eco Innovation Group and WRA Holdings Share Detailed Plan for Costa Rica Redevelopment
https://www.accessnewswire.com/newsroom/en/bu...co-1100003
News - November 12. WRA Holdings to present the National Railway Master Plan for the Republic of Costa Rica on Wednesday for government review and approval
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=499889
News - November 13. Eco Innovation Group and WRA Holdings Report Positive Response from INCOFER on Costa Rica National Railway Master Plan.
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=499889
December 8 - After Close. Eco Innovation Group (ECOX) and WRA Holdings Execute Definitive Agreements; Approximately $700 Million in Project Financing Confirmed in Clearing for Costa Rica Infrastructure Program
December 11 - Eco Innovation Group (ECOX) and WRA Holdings Announce Strategic Partnership with Térraba Indigenous Territory for Raw Materials Supply to Support National Infrastructure Program
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=503098
News - December 18. Eco Innovation Group (ECOX) and WRA Holdings Secures Major Milestone in Costa Rica: Municipal Government and Indigenous Territory Support Waste-to-Energy Facility and Resource Development Project
Company to Develop 50 Hectares for Gasification Plant, Sand and Gravel Operations, and Infrastructure Projects in Buenos Aires de Puntarenas
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=504385
News - December 22. Eco Innovation Group (ECOX) Receives Strong Speculative Buy Rating from Harbinger Research Following Strategic Costa Rica Expansion
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=504741
News - December 29. Eco Innovation Group (ECOX) and WRA Holdings Announce Advancement of Conversion Technology Waste-to-Energy Initiative in Costa Rica
Projects to Support Renewable Energy Generation, Reduce Landfilling, and Deliver Environmental and Economic Benefits
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=505095
2025 Price Moves
Moved from .0001 > .0002 on April 29 - 100%
Moved from .0001 > .0002 on April 30 - 100%
Moved from .0001 > .0002 on May 1 - 100%
Moved from .0001 > .0002 on July 10 - 100%
Moved from .0001 > .0002 on July 11 - 100%
Moved from .0001 [previous close] > .0004 on November 7 - 300%
Moved from .0003 > .0007 on November 10 - 133%
Moved from .0004 [previous close] > .0009 on November 11 - 125%
Trading from .0002 > .0003 on November 12 - 50%
Trading from .0003 > .0004 on November 13 - 33%
Trading from .0002 > .0003 on November 14 - 50%
Trading from .0002 > .0003 on November 17 - 50%
Trading from .0002 > .0003 on November 18 - 50%
Trading from .0002 > .0003 on November 19 - 50%
Trading from .0002 > .0003 on November 20 - 50%
Trading from .0002 > .0003 on November 21 - 50%
Trading from .0002 > .0003 on December 1 - 50%
Trading from .0002 > .0003 on December 2 - 50%
Trading from .0002 > .0003 on December 3 - 50%
Trading from .0002 > .0003 on December 4 - 50%
Trading from .0002 > .0003 on December 5 - 50%
Trading from .0002 > .0004 on December 8 - 100%
Trading from .0004 [previous close] > .0007 on December 9 - 75%
Trading from .0006 > .0008 on December 11 > 33%
Trading from .0005 > .0007 on December 12 - 40%
Trading from .0005 > .0006 on December 16 - 20%
Trading from .0006 > .0007 on December 17 - 17%
Trading from .0002 > .0003 on December 19 - 33%
Trading from .0002 (available December 19) > .0006 on December 22 - 200%
Trading from .0006 > .0007 on December 23 - 14%
Trading from .0004 > .0006 on December 24 - 50%
Trading from .0004 > .0005 on December 26 - 25%
Trading from .0004 > .0006 on December 29 - 50%
Trading from .0004 > .0005 on December 30 - 25%
Trading from .0004 > .0005 on December 31 - 25%
Trading from .0004 > .0005 on January 2 - 25%
Recent Trading / Trading Outlook
$ECOX has given an excellent return on a regular basis for anyone who watches continuously, is patient and who always has some shares that can be traded in any range it runs to on surges.
With only 7.1B shares Held At The DTC, the reverse merger with WRA now completed and regular PRs updating on the large infrastructure project in Costa Rica, we can expect continued trading action and large surges for the foreseeable future.
The PR dated November 7, 2025 - which announced that the company could do $3B in revenue with the first 5 years - would clearly put the pps much higher than the recent high of .0009 achieved on November 11, 2025.
The current Held At DTC shares count of only 7.1B is not high by current OTC standards. For instance, some other OTC tickers are diluting 500M > 2.6B every day - eg $HMBL - another of the highest trade volume stocks - has an A/S of 85B - up 35B in a single day in June - and a Held At DTC figure of 48B - and ran to .0046 from .0001.
Every 1M bought at .0005 whilst still available is worth a profit of $9.5K - $95K per 10M - at .01 - or $19.5K - $195K per 10M at .02.
The difference in profit levels even at .0050 - let alone .01 or .02 - is insignificant between lots bought anywhere .0005 > .0009 - especially for those wanting to guarantee getting at least 20M > 100M.
Ahead, we should see the pps go past the recent high of .0009 easily as updates on the name change, ticker change and the progress of Costa Rican infrastructure projects continue to flow over the coming days, weeks and months.
Not a financial advisor - just stating what I'm basing my trading decisions on.
I will be holding some $ECOX in my portfolio throughout 2026 and into future years for long-term growth, trading some on surges from the bottom up too and reloading on any dips.
New CEO: Richard C Hawkins wef April 2, 2025
Merger With WRA Holdings, Inc. [WRA]
Major Update - December 2025 [source: PR dated December 8, 2025]
- Reverse merger with WRA completed December 4, 2025.
- $ECOX now the public company platform for WRA's national infrastructure and environmental redevelopment programs in Costa Rica.
- $ECOX and WRA have executed a comprehensive suite of agreements governing the change of control and merger, including:
-- Master Sales Agreement.
-- Stock Purchase Agreement.
-- Share Exchange Agreement.
-- Consulting Agreement.
-- Related ancillary documents.
- WRA will contribute all of its issued and outstanding equity interests into $ECOX in exchange for newly issued shares of $ECOX common stock.
- WRA will become a wholly owned subsidiary of $ECOX which will operate as the publicly traded parent company of the combined enterprise.
- This structure provides shareholders with direct exposure to WRA's national program spanning rail, logistics, energy, water and environmental redevelopment initiatives throughout Costa Rica.
- All known legacy convertible notes associated with $ECOX's prior business model now resolved - final outstanding note extinguished December 8, 2025.
-- This note, held by a nonstrategic lender in the amount of $195K, had been the only recent source of conversion activity in the market.
-- Its elimination removes the last material legacy overhang from the prior business model and represents an important step toward stabilizing the capital structure, reducing dilution risk, and preparing $ECOX for the long term development cycle associated with WRA's national infrastructure portfolio.
- WRA has approximately $700M in project financing established by a 3rd party lender in a designated clearing account in Toronto for WRA's national infrastructure program in Costa Rica.
-- These funds are in final settlement processes and are expected to be released for use imminently.
-- The financing is intended to support the development of WRA's national railway, environmental redevelopment, logistics, and energy initiatives.
-- $ECOX and WRA are also evaluating the potential allocation of a portion of this financing to long term capital structure optimization strategies including potential $ECOX share repurchase initiatives.
- See full PR for comments by the CEO.
- WRA's master plan encompasses:
-- A national railway and logistics corridor connecting Costa Rica's northern, central, and Caribbean regions.
-- A new international airport.
-- Waste to energy facilities.
-- Clean water facilities.
-- Coastal restoration programs.
-- Regional healthcare infrastructure.
- These initiatives form part of a broader multi-$B national program designed to modernize Costa Rica's transportation, energy and environmental systems.
Additional Information - November 2025 [source: PRs dated November 7 and 13, 2025]
- An estimated $3B in projected gross revenues during the first 5 years of operation.
- Includes these 2 integral components of Costa Rica's broader $3.8B to $5B national rail and environmental redevelopment program:
-- Waste-to-energy facility in Abangares.
-- 50% interest in the Pacífico Railway Line.
- Name and ticker change anticipated upon completion of definitive agreements and required approvals.
- Positive response from Instituto Costarricense de Ferrocarriles [INCOFER], Costa Rica's national rail authority, on November 13, 2025 regarding WRA's ongoing efforts to advance the National Railway Master Plan for the Republic of Costa Rica.
- In the coming weeks, WRA and INCOFER will coordinate a formal meeting to discuss the Master Plan in detail and to explore potential pathways for collaboration models. [source: PR dated November 13, 2025]
Additional Information - December 2025 [source: PRs dated December 11, 18, 22 and 29, 2025]
- Térraba Indigenous Integral Development Association has committed approximately 2,400 Hectares / 6,000 acres to supply sand, gravel and raw materials for Costa Rica infrastructure buildout Including the elevated national railway.
- 7 other tribes have expressed interest in establishing similar partnerships.
- Work session with the Municipal Government Council of Buenos Aires de Puntarenas, Costa Rica held on December 16, 2025.
- Company to develop 50 hectares for gasification plant, sand and gravel operations and infrastructure projects in Buenos Aires de Puntarenas.
$ECOX Strong Speculative Buy Rating from Harbinger Research [source: PR dated December 22, 2025]
- $ECOX evolving business profile following the merger.
- Strategic focus on large-scale infrastructure, environmental redevelopment, and sustainable development initiatives in Costa Rica.
- Improvements to capitalization.
- Elimination of legacy non-strategic obligations.
- Expanded scope of operating platform through WRA's national infrastructure initiatives.
- Merger materially reshapes $ECOX's long-term growth profile.
- Buy rating based on qualitative and strategic factors, citing the scale of WRA's development plans and the Company's evolving capital structure.
- Rockport Investment Partners engaged to perform an independent valuation of assets acquired in the WRA share exchange.
- The valuation will be recorded under ASC 805 and is required for the Company to complete a PCAOB audit for fiscal year 2025.
- Upon completion, $ECOX intends to reinstate its SEC reporting status, which it voluntarily withdrew from in 2023.
- Full Harbinger Research report:
https://d1io3yog0oux5.cloudfront.net/harbinge...8001fd.pdf
Costa Rica Visioning Presentation
https://drive.google.com/file/d/14GraTNc7k2_t...Xfyqm/view
WRA Fact Sheet
https://drive.google.com/file/d/1q4LDdfjM5Cw1...DPQdu/view
Costa Rican Media Articles
Tico Island - September 2, 2025
"Limón’s Transformation Underway with Massive Infrastructure Investment"
https://ticosland.com/limons-transformation-u...e_vignette
Tico Times - November 11, 2025
"Group Unveils Vision to Upgrade Limón Costa Rica"
https://ticotimes.net/2025/11/11/costa-ricas-...ups-vision
Current Tier: OTCID
Share Structure - Updated January 2, 2026
Transfer Agent Verified
No change - no dilution
Usually updated weekly after close Friday - view Saturday
Authorized Shares: 12,000,000,000
Outstanding Shares: 7,426,124,405
Restricted: 283,572,035
Unrestricted: 7,142,552,370
Held At DTC: 7,131,343,050
Note 1: It is only the Held At DTC Shares count that is relevant to current trading provided it is updated at the same time as the Unrestricted Outstanding Shares count.
Note 2: Relatively low Held At DTC Shares count - only 7.1B - for a stock in the .0005 > .1 range.
Note 3: All legacy debt extinguished December 8, 2025 [source: PR After Close December 8, 2025]
2025 PRs
News - July 10. Eco Innovation Group Provides Company Update Highlighting Strategic Advisory Division.
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=485423
News - November 7. Eco Innovation Group Announces Letter of Intent to Merge with WRA Holdings, Inc., Advancing Costa Rica Infrastructure and Environmental Redevelopment Initiatives.
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=499207
News - November 10 - After Close. Eco Innovation Group and WRA Holdings Share Detailed Plan for Costa Rica Redevelopment
https://www.accessnewswire.com/newsroom/en/bu...co-1100003
News - November 12. WRA Holdings to present the National Railway Master Plan for the Republic of Costa Rica on Wednesday for government review and approval
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=499889
News - November 13. Eco Innovation Group and WRA Holdings Report Positive Response from INCOFER on Costa Rica National Railway Master Plan.
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=499889
December 8 - After Close. Eco Innovation Group (ECOX) and WRA Holdings Execute Definitive Agreements; Approximately $700 Million in Project Financing Confirmed in Clearing for Costa Rica Infrastructure Program
December 11 - Eco Innovation Group (ECOX) and WRA Holdings Announce Strategic Partnership with Térraba Indigenous Territory for Raw Materials Supply to Support National Infrastructure Program
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=503098
News - December 18. Eco Innovation Group (ECOX) and WRA Holdings Secures Major Milestone in Costa Rica: Municipal Government and Indigenous Territory Support Waste-to-Energy Facility and Resource Development Project
Company to Develop 50 Hectares for Gasification Plant, Sand and Gravel Operations, and Infrastructure Projects in Buenos Aires de Puntarenas
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=504385
News - December 22. Eco Innovation Group (ECOX) Receives Strong Speculative Buy Rating from Harbinger Research Following Strategic Costa Rica Expansion
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=504741
News - December 29. Eco Innovation Group (ECOX) and WRA Holdings Announce Advancement of Conversion Technology Waste-to-Energy Initiative in Costa Rica
Projects to Support Renewable Energy Generation, Reduce Landfilling, and Deliver Environmental and Economic Benefits
https://www.otcmarkets.com/stock/ECOX/news/Ec...?id=505095
2025 Price Moves
Moved from .0001 > .0002 on April 29 - 100%
Moved from .0001 > .0002 on April 30 - 100%
Moved from .0001 > .0002 on May 1 - 100%
Moved from .0001 > .0002 on July 10 - 100%
Moved from .0001 > .0002 on July 11 - 100%
Moved from .0001 [previous close] > .0004 on November 7 - 300%
Moved from .0003 > .0007 on November 10 - 133%
Moved from .0004 [previous close] > .0009 on November 11 - 125%
Trading from .0002 > .0003 on November 12 - 50%
Trading from .0003 > .0004 on November 13 - 33%
Trading from .0002 > .0003 on November 14 - 50%
Trading from .0002 > .0003 on November 17 - 50%
Trading from .0002 > .0003 on November 18 - 50%
Trading from .0002 > .0003 on November 19 - 50%
Trading from .0002 > .0003 on November 20 - 50%
Trading from .0002 > .0003 on November 21 - 50%
Trading from .0002 > .0003 on December 1 - 50%
Trading from .0002 > .0003 on December 2 - 50%
Trading from .0002 > .0003 on December 3 - 50%
Trading from .0002 > .0003 on December 4 - 50%
Trading from .0002 > .0003 on December 5 - 50%
Trading from .0002 > .0004 on December 8 - 100%
Trading from .0004 [previous close] > .0007 on December 9 - 75%
Trading from .0006 > .0008 on December 11 > 33%
Trading from .0005 > .0007 on December 12 - 40%
Trading from .0005 > .0006 on December 16 - 20%
Trading from .0006 > .0007 on December 17 - 17%
Trading from .0002 > .0003 on December 19 - 33%
Trading from .0002 (available December 19) > .0006 on December 22 - 200%
Trading from .0006 > .0007 on December 23 - 14%
Trading from .0004 > .0006 on December 24 - 50%
Trading from .0004 > .0005 on December 26 - 25%
Trading from .0004 > .0006 on December 29 - 50%
Trading from .0004 > .0005 on December 30 - 25%
Trading from .0004 > .0005 on December 31 - 25%
Trading from .0004 > .0005 on January 2 - 25%
Recent Trading / Trading Outlook
$ECOX has given an excellent return on a regular basis for anyone who watches continuously, is patient and who always has some shares that can be traded in any range it runs to on surges.
With only 7.1B shares Held At The DTC, the reverse merger with WRA now completed and regular PRs updating on the large infrastructure project in Costa Rica, we can expect continued trading action and large surges for the foreseeable future.
The PR dated November 7, 2025 - which announced that the company could do $3B in revenue with the first 5 years - would clearly put the pps much higher than the recent high of .0009 achieved on November 11, 2025.
The current Held At DTC shares count of only 7.1B is not high by current OTC standards. For instance, some other OTC tickers are diluting 500M > 2.6B every day - eg $HMBL - another of the highest trade volume stocks - has an A/S of 85B - up 35B in a single day in June - and a Held At DTC figure of 48B - and ran to .0046 from .0001.
Every 1M bought at .0005 whilst still available is worth a profit of $9.5K - $95K per 10M - at .01 - or $19.5K - $195K per 10M at .02.
The difference in profit levels even at .0050 - let alone .01 or .02 - is insignificant between lots bought anywhere .0005 > .0009 - especially for those wanting to guarantee getting at least 20M > 100M.
Ahead, we should see the pps go past the recent high of .0009 easily as updates on the name change, ticker change and the progress of Costa Rican infrastructure projects continue to flow over the coming days, weeks and months.
Not a financial advisor - just stating what I'm basing my trading decisions on.
I will be holding some $ECOX in my portfolio throughout 2026 and into future years for long-term growth, trading some on surges from the bottom up too and reloading on any dips.
American EcoFuels Inc (AEFI) Stock Research Links
"Per Ardua Ad Astra" - "Through Adversity To The Stars"
A very apposite motto for those who trade successfully in the OTC market..
All posts are my opinion - trade at your own risk.
A very apposite motto for those who trade successfully in the OTC market..
All posts are my opinion - trade at your own risk.
