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Ecology Coatings, Inc. Announces Definitive Agreement to Merge with OCIS Corporation
Ecology Coatings, Inc. Announces Definitive Agreement to Merge with OCIS Corporation
Published 05-22-07
Submitted by Ecology Coatings
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--May 22, 2007--Privately held Ecology Coatings, a leading developer of nano-engineered industrial coatings for cleaner, more efficient manufacturing, entered into a definitive agreement to merge with publicly held OCIS Corporation as part of a alternative public offering (APO) transaction. The merged company, to be named Ecology Coatings, is expected to trade on the OTC Bulletin Board. The management of Ecology Coatings will become the management of the surviving public entity.
According to the merger agreement, OCIS will offer shares of its common stock in exchange for the outstanding common stock of Ecology Coatings. OCIS will issue to the shareholders of Ecology Coatings up to thirty-one million eight hundred thousand (31,800,000) shares of the common stock of OCIS. Upon completion of the merger, the shareholders of Ecology Coatings are expected to hold approximately 95.2% of the common stock of the surviving public entity, while the current shareholders of OCIS will own approximately 4.8%.
Richard Stromback, Chairman of Ecology Coatings, said, "This agreement marks a significant step in the process of becoming a publicly held company." He added, "Ecology Coatings is another step closer to being accessible within the micro cap public market, creating an opportunity for investors to get involved in an emerging technology that combines the capabilities of nanotech with the benefits of cleantech." The closing of the merger is targeted for June 2007, subject to customary closing conditions, SEC review as well as stockholder approval from both companies.
About Ecology Coatings
Ecology Coatings is a leader in the development of nano-engineered, ultra-violet curable coatings that drive efficiencies and clean processes in manufacturing. Leveraging a platform of integrated nano-material technologies, the company creates proprietary coatings with unique performance attributes. Ecology collaborates with industry leaders to develop revolutionary high-value, high-performance coatings for military, automotive, industrial, electronic and medical applications. Ecology Coatings is a privately-held company based in Akron, Ohio. For more information visit http://www.ecologycoatings.com
Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Ecology Coatings believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Ecology Coatings is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability meet the conditions necessary to complete the proposed APO transaction.
Copyright Business Wire 2007
