Business
EXOlifestyle, Inc. Announces Plans to Acquire Sun Pacific Power Corp., a Manufacturer of "Next Generation" Solar Panels and Lighting Products as a wholly owned subsidiary, and to Change Its Name to Sun Pacific Holding Corp.
EXOlifestyle, Inc. Announces Plans to Acquire Sun Pacific Power Corp., a Manufacturer of "Next Generation" Solar Panels and Lighting Products as a wholly owned subsidiary, and to Change Its Name to Sun Pacific Holding Corp..
About this update from Sun Pacific Holding Corp.
[{"type":"text","content":"\n \n \n EXOlifestyle, Inc. Announces Plans to Acquire Sun Pacific Power Corp., a Manufacturer of \"Next Generation\" Solar Panels and Lighting Products as a wholly owned subsidiary, and to Change Its Name to Sun Pacific Holding Corp.\n \n \nEXOlifestyle, Inc. Announces Plans to Acquire Sun Pacific Power Corp., a Manufacturer of \"Next Generation\" Solar Panels and Lighting Products as a wholly owned subsidiary, and to Change Its Name to Sun Pacific Holding Corp.\n \n BOCA RATON, FL--(Marketwired - Aug 21, 2017) -  EXOlifestyle, Inc. (OTCQB: EXOL) announced today plans to acquire Sun Pacific Power Corp., a Manufacturer of \"Next Generation\" Solar Panels and Lighting Products. Pursuant to the Acquisition Agreement entered into on August 17, 2017, EXOlifestyle, Inc. plans to change its name and operate as Sun Pacific Holding Corp. The transaction is expected to close by August 22, 2017.\n Sun Pacific Power Corp., (\"SPPC\") is a wholesale marketing and media company operating in four distinct business divisions: Electrical Contracting, Solar Generated Product Manufacturing, an Advertising Division and an Online Sales Catalog for Electrical Products. Sun Pacific Power Corp. builds competitively priced \"Next Generation\" solar panel and lighting products in its eight world-wide manufacturing and assembly locations, five of which are in the United States. Sun Pacific Power works closely with design, engineering, integration and installation firms in order to deliver turnkey solar systems to its customers. In addition, Sun Pacific Power Corp. has several subsidiaries related to specialized operation in electrical, plumbing and general construction.\n As part of the terms of an August 17, 2017 acquisition agreement, the Board and a majority of EXOlifestyle, Inc. shareholders approved a reverse stock split on a 1 share per 50 basis and agreed to issue 1,000,000 shares of Series B Preferred stock, 200,000 shares of Series C Preferred stock and 284,215,420 shares of common stock to the respective shareholders of Sun Pacific Power Corp. Upon consent of the shareholders, the reverse stock split is subject to approval by FINRA. If the reverse stock split is approved, every 50 shares of EXOlifestyle, Inc. common stock will be combined into one issued and outstanding share without any change in the par value of such shares, with fractio...