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ProTek Capital and American Performance Technologies Seek Growth Capital to Support Continued Sales Growth, Market Penetration, and Product Development Strategies.
DALLAS, TX -- ProTek Capital, Inc. (OTC Pink: PRPM) (" ProTek ") today released a statement from the combined management teams or ProTek and APT Group, Inc.
ProTek last week announced entering into a Letter of Intent (LOI) agreement to acquire APT Group, Inc. (APT), a manufacturer and distributor of technologically advanced, environmentally friendly utility and power-sports products. APT Group, Inc. is a Missouri registered corporation headquartered in Kansas City, MO and the holding company for the MotoVox product line and SmartCarb patented carburetor technology lines.
Combined Management Teams' Statement: Troy Covey, Motovox Founder, says, "APT Group is faced with a good problem, in that the demand for MotoVox PowerSport products is higher than their current capital structure can support. The 2013 launch of APT's patented fuel system technology, SmartCarb , has added yet another demand for growth capital. APT sales could easily double if existing capital constraints are overcome." The constraints faced by APT Group are typical of high-growth companies with sales that are growing exponentially year over year. The management of APT and ProTek Capital believe that a public holding company structure can provide a vehicle for streamlining the APT debt facilities while providing the growth capital in the form of equity needed to continue the rapid growth and continued product development of the MotoVox , PowerSport business and the launch of the SmartCarb .
The intent of the two management teams is to complete the announced merger in the next 30 days and for the APT management to then assume the primary management responsibilities for the public company. Going forward, ProTek will streamline its current operational focus to exclusively concentrate on the potential of the overall APT opportunity.
About APT Group, Inc. APT Group, Inc., ("APT") is a Missouri registered corporation headquartered in Kansas City, MO and the holding company for the MotoVox product line and SmartCarb patented carburetor technology lines. MotoVox has become the fastest growing brand of small power-sport products in the world within its consumer price point of between
About ProTek Capital, Inc. ProTek Capital, Inc. has historically concentrated on acquiring a portfolio of unique and promising, high-growth potential companies. The portfolio industry focus has changed and evolved over time and the MotoVox acquisition would represent the next evolutionary step into the burgeoning market for low cost, high efficiency "greener" power-train systems.
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SOURCE: ProTek Capital, Inc. Source: eTeligis (August 29, 2013 - 12:08 PM EDT)
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