Business
Ocean Thermal Energy Corporation Announces Letter of Intent to Acquire Profitable Heavy-Commercial Air Conditioning Company
Ocean Thermal Energy Corporation Announces Letter of Intent to Acquire Profitable Heavy-Commercial Air Conditioning Company.
About this update from Ocean Thermal Energy Corp.
[{"type":"text","content":"Intended Acquisition to Support Projects in Company's Pipeline, Expand Position as a Renewable Energy and Desalinated Water LeaderLANCASTER, PA / ACCESSWIRE / August 9, 2018 / Ocean Thermal Energy Corporation (OTCQB: CPWR), a renewable energy power plant and seawater cooling owner, operator, and developer for Ocean Thermal Energy Conversion (OTEC) and Seawater Air Conditioning (SWAC), announced today that it has signed a Letter of Intent (LOI) to acquire an established, profitable, and experienced company in the heavy-commercial air conditioning business.This would be a financially attractive acquisition supporting new geographic markets and existing multimillion-dollar revenue streams. The acquired company would bring significant heavy-commercial air conditioning expertise and strong operational synergies. The acquisition impact would improve the markets of both companies.Jeremy P. Feakins, Chairman and CEO of Ocean Thermal Energy Corporation, said, \"The proposed acquisition offers an extraordinary opportunity to amplify and strengthen our existing business. We believe the combination of both businesses could create a lifetime of possibilities. The acquisition would also accelerate our strategy to pursue sustainable energy and water production and broaden our leadership in marine renewable energy. We would gain additional business, which will support our growing pipeline of projects. We look forward to the closing of the deal and providing investors with further details.\"Ocean Thermal Energy Corporation has several projects in its pipeline, including developing the \"OTEC EcoVillage\", the world's first community powered entirely by fossil-fuel free OTEC electricity and cooled by SWAC technology. OTE's technology will also produce water for drinking, food production, and economic development.The transaction is expected to close in October 2018.Transaction DetailsUnder the terms of the Letter of Intent signed on August 7, 2018, the transaction is subject to customary closing conditions, including final due diligence and an agreement that the current managers of the business remain for a period not exceeding 6 months from Closing. Thereafter, the managers will enter consulting agreements with the business starting on or about April 1, 2019, with consulting fees and time available from the managers to be negotiated in good faith...