18-08-2016

NAC Global buys Swiss Heights Engineering, Bellelli Group and Petrochem Industrie

NAC Global Technologies, Inc. announced today that on August 12, 2016 it closed the business combination with Swiss Heights Engineering S.A. of Lugano, Switzerland, a company that owns 100% of the Bellelli Group of companies and 100% of Petrochem Industrie Group of companies. The former shareholders of SHE received, in the aggregate, 69.5% of the issued and outstanding shares of NAC's common stock, 92.6% of NAC's common stock on a fully-diluted basis (including outstanding warrants) and 95.75% on a fully-diluted basis excluding outstanding warrants (other than the warrants issued to the former shareholders of SHE). SHE became a wholly-owned subsidiary of NAC and vastly expands NAC's business size and scope, with company management projecting pro forma consolidated 2016 calendar year revenues, including for SHE for pre-closing periods, to exceed $30 million USD. The business combination extends NAC's engineering and manufacturing capabilities into the energy, chemical and petrochemical markets while increasing its facilities locations to include Italy, Switzerland, Columbia, Mexico, United Arab Emirates, as well Houston, Texas. In connection with the closing, NAC also moved its headquarters from Jacksonville, Florida to Houston, Texas.
 
In connection with the closing of the business combination with SHE, Mr. Antonio Monesi, President of the Bellelli Group, has been appointed as a director and the President of NAC. Mr. Filippo Puglisi, President of the Petrochem Industrie Group, has been appointed as a director and the Chief Financial Officer of NAC. Mr. Vincent Genovese continues to serve as a director and the CEO of NAC. Mr. Edward Haversang remains a director of NAC, and Ms. Rita O'Connor resigned as a director of NAC at the closing of the business combination. Mr. Vincent Genovese commented, "From our first conference call, we recognized the value and the potential of the combined companies' synergies. We believe our collective experience and resources will accelerate the company's growth, particularly in the Americas, while the vertical integration of product develop, systems engineering, manufacturing provide a strong competitive advantage across the globe."