Business
Resonate Blends Provides an Update on its Acquisition Partner Pegasus Specialty Vehicles
Resonate Blends Provides an Update on its Acquisition Partner Pegasus Specialty Vehicles.
About this update from Resonate Blends Inc.
[{"type":"text","content":"\n CALABASAS, Calif., July 18, 2023 (GLOBE NEWSWIRE) -- Resonate Blends, Inc. (OTCQB: KOAN) (“Resonate”) is pleased to report an update on its acquisition partner Pegasus Specialty Vehicles, LLC (“Pegasus” or the “Company”). On June 23, 2023, Resonate announced the signing of an Agreement and Plan of Merger (the “Merger Agreement”) with Pegasus and made a $435,000 investment into the Ohio-based company. This investment, prior to the expected closing of this transaction, has provided Pegasus with fresh capital to move forward on its ambitious revenue roadmap. Pegasus is an innovative leader in the low-emission and zero-emission electric vehicle (“EV”) and emerging hydrogen fuel cell technology for school buses and specialty vehicles. Pegasus announced today they have shipped their first five (5) buses with ten (10) more in various stages of completion. The Company currently has more than 100 chassis in their production lot waiting for various components and the additional funding from Resonate to both close the Merger Agreement and complete the production of the 100+ buses. Included in their chassis inventory are the first four Peterbilt chassis with a demo school bus model nearly completed. This represents Peterbilt’s first foray into the school bus market and is being met with significant market interest. Pegasus is attending the STN Expo in Reno, Nevada this week showcasing their demo school bus and meeting with their vast dealer network connections and various strategic partners. Completion of the announced Merger Agreement is subject to the satisfaction of closing conditions that are to be finalized as part of the Agreement. Accordingly, there can be no assurance that a closing will be consummated. About Pegasus Specialty Vehicles, LLC Pegasus Specialty Vehicles, LLC is a trailblazer in the technological evolution occurring within the School Bus industry. Our management team has developed a clear strategy - and the infrastructure to support this transition, to zero-emission solutions such as Electric and Hydrogen. The modular approach that we implement, alongside key established partnerships with Peterbilt, Via Motors and Hyperion, enables us to meet current and future customer needs as the industry adopts the new technologies, and pro...