Business
The Coretec Group and Core Optics Share Exchange Moves Toward Closing; Provides Initial Sales Forecast
The Coretec Group and Core Optics Share Exchange Moves Toward Closing; Provides Initial Sales Forecast.
About this update from The Coretec Group Inc.
[{"type":"text","content":"\n ANN ARBOR, Mich., June 28, 2024 (GLOBE NEWSWIRE) -- The Coretec Group (OTCQB: CRTG), developers of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for electric vehicles (EVs), cleantech, and emerging tech applications, today announced that the share exchange transaction with Core Optics, LLC has progressed toward the final closing, and can now publicly share Core Optics’ strong revenue forecast for calendar year 2024 and hyper growth in 2025. The share exchange transaction is in its final stages of documentation and due diligence, as already disclosed certain closing conditions have been resolved and others are being finalized. Once the few final conditions have been satisfied, the final closing will take place. Core Optics is forecasting its full year aggregate revenues of approximately: $8M USD (eight million dollars) for fiscal year 2024; and$16M USD (sixteen million dollars) for fiscal year 2025. The majority of this revenue growth is expected to occur in the automotive market, a global customer audience that is synergistic with the Endurion battery program. Core Optics has also expanded its workforce and physical plant to meet the demand and fulfill current orders. This new partnership is already expanding The Coretec Group’s Endurion battery outreach, as the Core Optics team has already engaged in significant discussions with cathode manufacturers in South Korea. These manufacturers have expressed interest in partnering with Coretec to utilize Endurion in their battery developments. “The demand for our CCM testing equipment in the automotive manufacturing sector is driving our revenue growth. As a result, we are aggressively ramping up our production to meet the demand and work through our backlog,” said Dr. Kim, Chief Executive Officer of Core Optics, LLC. “As we manage this growth, we will continue to pursue opportunities in mobile devices and drones, as well as using our technology in battery testing equipment.” Unaudited preliminary results for Core Optic’s year ended December 31, 2023 and first quarter ended March 31, 2024 are as follows: ●        Unaudited revenue was approximately $1.81 million for its intra-year-inception to December 31, 2023 FYE period, and unreviewed revenues was approxima...