Current Technology Increases Stake in Celevoke, Inc.
Thursday August 14, 8:00 am ET
VANCOUVER, British Columbia, August 14 /PRNewswire-FirstCall/ -- Current Technology Corporation (the "Company") (OTCBB: CRTCF - News) today announced it has increased its stake in its Texas-based subsidiary Celevoke, Inc. ("Celevoke") from 50.50% to 55.95%. The Company purchased 25 common shares from Celevoke for $750,000 (all funds USD). Earlier this year, the Company purchased 102 common shares for $2.5 million. The Company now owns 127 of 227 issued common shares in Celevoke, for a total stake of 55.95%. Celevoke has integrated Telematics and Global Positioning Systems (GPS) with sensing technology and provides customers with the ability to remotely monitor, track, control and protect a wide variety of asset classes through its proprietary web-based Universal Telematics Solutions.
Celevoke CEO Chuck Allen stated, "The number of global opportunities available to us has increased exponentially since we entered into our original share purchase agreement with Current Technology last January. With the additional working capital, we are now in a position to be more aggressive. In particular, we plan to focus significant resources on the opportunity represented by the recently signed Memorandum of Understanding between our subsidiary Star One Telematics SA and the division of a leading multi-national group specializing in the design, manufacture and marketing of advanced systems and components for motor vehicles, which generates several billion dollars in sales per year."
"This is an exciting time for the Company," states CEO Robert Kramer. "As evidenced by the recently announced MOU, we believe Celevoke and its subsidiary Star One are poised for significant growth."
To fund the acquisition and provide working capital, the Company has issued 5 million units (Unit) for $1 million. Each Unit consists of one share and one warrant. Each warrant entitles the holder to purchase one additional share for $0.45 for 5 years. |
