LAKE PARK, Fla., Nov. 5, 2013 /PRNewswire/ -- The Renewable
Corporation (ticker symbol RNWB) (the "Company"), announced today
it has signed a Letter of Intent with Findex.com, Inc. (OTC Markets
FIND) through which FIND will acquire the Company's wholly-owned
subsidiary EcoSmart Surface and Coating Technologies, Inc.
(EcoSmart) in exchange for the Company receiving approximately 80%
of FIND.
Following the closing, the Board of Directors of FIND shall
consist of two current Board Members of FIND and three members that
shall be appointed by the Company including Joseph Alvarez, the current COO of EcoSmart, and
Steve Malone. Mr. Alvarez shall be
CEO of FIND. Subject to compliance with all Securities and Exchange
Commission requirements, the Company intends to distribute the FIND
common stock to the Company's shareholders.
The closing of the acquisition is subject to several conditions,
including without limitation, satisfactory completion of the
Company's due diligence investigation and execution of a definitive
Purchase Agreement. The transaction will be structured either as a
merger or asset sale. Regardless the Company will own approximately
80% of the outstanding shares of FIND on a fully-diluted basis.
Subsequent to the anticipated closing of the transaction, the
business operations of the EcoSmart entities will comprise the FIND
business operations.
Gary Smith the CEO of the Company
stated, "Over the last several months the share price of our stock
has been steadily decreasing despite the continued increase in
revenue by the Company. Earlier in the year a group of unaffiliated
shareholders, that were issued significant numbers of shares dating
back to 2010 and 2011, attempted to liquidate their holdings in the
Company. During this process there was little to no market for the
Company's stock. The continual selling pressure by these
shareholders has consistently driven the share price of our stock
down. Over the last few months the Company has begun to experience
severe financial distress due to its inability to raise capital as
a result of the declining share price. In order to protect, what we
feel are very valuable assets in EcoSmart, we have entered into
this Letter of Intent. This transaction will not only protect the
operating company, EcoSmart, but protects our shareholders
investments that have contributed to the successful development of
the EcoSmart product line. As part of the transaction we have
agreed to elect EcoSmart's current COO and Executive Vice President
Joe Alvarez as the new CEO of FIND.
Mr. Alvarez has a world class operations background and has been
vital to the development of the EcoSmart product line. We are all
looking forward to the completion of this transaction so EcoSmart
can continue to grow and become a valuable public company."
About The Renewable Corporation
The Renewable Corporation ("RNWB"), through its wholly
subsidiary EcoSmart Surface & Coatings Technologies, Inc.
("EcoSmart") has developed state of the art industrial coatings
which comprises of over fifteen specialty coatings that have a wide
range of uses in industrial, commercial and residential sectors.
EcoSmart is leading the industry in organic and inorganic coatings
by using an Eco-Nanobond™ technology that allows for vast
multi-surface applications. EcoSmart has also developed a "patent
pending" process that fully encapsulates harmful VAT asbestos
tile.
Cautionary Statement Concerning forward-Looking Statements:
This press release contains forward-looking statements including
closing the transaction with FIND Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects" and
similar references to future periods.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by the
forward-looking statements. We caution you therefore against
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include the results of our due diligence investigation
of FIND and contractual issues that preclude the execution of a
definitive Purchase Agreement.
Any forward-looking statement made by us in this press release
speaks only as of the date on which it is made. Factors or events
that could cause our actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
SOURCE: The Renewable Corporation,
www.therenewablecorp.com
Corporate Contact Information: The Renewable Corporation,
1313 S. Killian Drive, Lake Park,
FL 33403; Phone: 561-328-6488
Investor Relations: Gary D.
Alexander, Corporate Secretary; Email:
IR@TheRenewCorp.com
SOURCE The Renewable Corporation