Scorpex Signs Definitive Agreement to Acquire Scorpex International
July 11 2011 - 6:00AM
Marketwired
Scorpex, Inc. (PINKSHEETS: SRPX) (the "Company") today announces
that it has entered into a definitive agreement to acquire Scorpex
International, Inc. The acquisition has been effected through the
merger of a direct wholly-owned subsidiary of the Company with
Scorpex International. Scorpex International is now a wholly-owned
subsidiary of the Company.
Scorpex International, Inc., formerly known as Scorpion
International Waste Solutions, Inc., is a development stage company
in the hazardous and toxic waste industry. With its first facility
located near Ensenada, Mexico, Scorpex International is developing
its first property for the storage, recycling, treatment, and
disposal of hazardous waste. Once completed, Scorpex International
will have the only industrial waste processing facility of its kind
in Baja Mexico.
It is intended that the transaction will qualify for a tax free
plan of reorganization pursuant to the provision of Sections
368(a)(1)(B) of the Internal Revenue Code of 1985, as amended.
Pursuant to the terms of the agreement, each issued and outstanding
share of Scorpex International stock, other than those cancelled,
has been converted into the right to receive 75 percent of one
share of the Company's stock.
Joseph Caywood, Chief Executive Officer, stated, "We are very
excited to bring this emerging growth story to the public markets
and will be working diligently to start the audit process and
further increase transparency and industry awareness by engaging a
third party valuation company. With access to equity financing, we
will be able to accelerate our growth strategy to capitalize on the
burgeoning opportunities in the Baja Mexico/California region where
demand for waste management exceeds capacity."
This press release may contain certain forward-looking
statements regarding future circumstances. These forward-looking
statements are based upon the Company's current expectations and
assumptions and are subject to various risks and uncertainties that
could cause actual results to differ materially from those
contemplated in such forward-looking statements. Actual results,
events, and performance may differ. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as to the date hereof. The Company undertakes no
obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by the Company or any
other person that the events or circumstances described in such
statements are material.
Contact: Franco Inc. Investor Relations J.R. Munoz
310-891-1838
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