Techalt, Inc. Signs Agreement and Plan of Merger for the Acquisition of EV Parts,...
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Techalt, Inc. Signs Agreement and Plan of Merger for the Acquisition of EV Parts, Inc., a Leading Online Supplier of Electric Vehicle Parts
SEATTLE--(Business Wire)--Techalt, Inc. (Pink Sheets:TCLT) ("Techalt" the "Company")
announced today that it has executed an Agreement and Plan of Merger
with EV Parts, Inc. ("EV Parts"), a leading online supplier of
electric vehicle parts and components, whereby EV Parts will become a
wholly-owned subsidiary of the Company. The merger is expected to
close on or before March 18, 2008.
Under the terms of the merger agreement, the shareholders of EV
Parts will exchange 100% of their stock for shares of Techalt. The
closing of the merger is contingent on Techalt providing EV Parts with
$300,000 for working capital needs by March 18, 2008. Techalt has also
agreed to use it best efforts to provide EV Parts with an additional
$300,000 by May 19, 2008.
Dave Moore, Techalt's President stated, "We are very excited about
building our corporate portfolio with this cutting edge alternative
'green' company. EV Parts has influence and much respect in the
alternative energy/automotive sector. EV Parts has successfully
demonstrated its technology in the marketplace."
EV Parts is one of the largest online suppliers of parts and
components to the electric vehicle market and is one of the pioneer
companies in the custom electric vehicle world. The Company has begun
selling products in the Robotic/Electrathon, Industrial, Personal
Mobility, Marine/RV, and Renewable Energy markets. EV Parts has
already developed a reputation as being a dependable source of
electric vehicle parts and components and is looking to grow its
market share and expand its reach into additional markets through
targeted marketing and sales efforts.
Forward-Looking Statements
This release contains 'forward-looking statements' within the
meaning of the Securities Exchange Act of 1934. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, goals,
assumptions or future events or performance are not statements of
historical fact and may be 'forward-looking statements'.
Forward-looking statements are based on expectations, estimates and
projections at the time the statements are made that involve a number
of risks and uncertainties which could cause actual results or events
to differ materially from those presently anticipated.
For Techalt, Inc., Seattle
Media & Investor Relations:
Joseph J. Malone, 786-375-0556
Information@EquityDigest.com
www.EquityDigest.com
Copyright Business Wire 2008
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