Ozop Surgical signs LOI to acquire 100% of Power Conversion Technologies stock
Ozop Surgical Corp (OTCMKTS:OZSC) announced Friday it will acquire 100% of Power Conversion Technologies Inc stock from Catherine Chis, the electronics company’s president and sole shareholder.
“After 28 years in the private sector, PCTI looks forward to the opportunities that going public will provide to capitalize on our reputation, experience and product mix and expand further into markets such as mass-scale energy storage, microgrids and shore power,” Chris said in a statement.
In other major news, Ozop Surgical said CEO Michael Chermak and CFO Barry Hollander have resigned, and Brian Conway has been named both chief executive and interim CFO. Chermak will remain as the sole director of the company.
READ: Ozop Surgical license agreement with Spinal Resources ‘exceeding expectations’
Ozop Surgical, which has a binding letter of intent with Chris, said that Pennsylvania-based PCTI operates in the very high power niche of the power electronics market, designing and manufacturing leading-edge equipment for use in power conversion applications.
The global power electronics market size in 2017 was valued at $36 billion and is expected to reach $51 billion by 2023, according to MarketsandMarkets, the company said.
PCTI serves clients in several industries including energy storage, shore power, DEWs, microgrid, telecommunications, military, transportation, renewable energy, aerospace and mission-critical defense systems. Clients include Fortune 500 companies, all branches of the US Department of Defense, including the US Army and the US Air Force, and NASA as well as other global military organizations.
PCTI has supplied equipment for energy storage applications since 1991 and is well-positioned to capitalize on the explosive growth of the mass utility-scale energy storage market by leveraging its expertise and market reputation, said Ozop Surgical, adding the industry is expected to grow tenfold by 2024 to $74 billion.
Ozop Surgical is a Florida-based company that manufactures endoscopic instruments, surgical implants and other devices focused on neurological issues and pain management.
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Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/913994/ozop-surgical-signs-loi-to-acquire-100-of-power-conversion-technologies-stock-913994.html
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