NaturalNano, engaged
in the development and commercialization of material additives based on
proprietary nanomaterial technology, has agreed to acquire 100 percent
ownership of MJ Enterprises LLC, dba General Silver Plating LLC, a provider of
chrome plating services for products used in the automobile and household
appliance industries.
“This acquisition is
important to NNAN and its shareholders for two reasons,” NNAN CEO Jim Wemett
stated in the news release. “First, it brings into NNAN a business with a very
attractive and loyal customer base with the opportunity to grow the base
plating business significantly. Second, it enables NNAN to work with the GSP
business to identify opportunities to expand our proprietary halloysite
nanotubes (“HNT”) applications. It provides our shareholders with real value by
acquiring this established well-respected business for 60 million NNAN common
shares.”
General Super
Plating (“GSP”) specializes in high-quality plating on plastics. The company’s
plates parts for global brand names in the appliance, automotive, electrical,
electronics, marine, medical, military, personal care, and plumbing industries.
“We are excited to
become a part of the NNAN team,” said J.T. Jacus, CEO of MJ Enterprises LLC and
owner of GSP. “This allows us to grow the GSP business in a fundamental way. It
enables us to complete our plans to make further improvements to our
manufacturing plant to increase capacity to take advantage of the growth of our
customer base and add products to increase our annual sales above the $12
million sales level that was achieved in 2013.”
NNAN made the
acquisition for common shares – additional details were not provided. The
acquisition is expected to close in the near future.
For more
information, visit www.naturalnano.com
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