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Didn/t see much movement today, maybe tomorrow.
SymPowerco Acquires Majority Stake in HMSI, HHHI Tuesday 07/28/2009 8:30 AM ET - Market Wire
Related Companies Symbol Last %Chg SYMW 0.0009 50.00%
As of 3:59 PM ET 7/28/09 SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport announced today that the company has closed an agreement with Mr. Steven Humphries and the shareholders of Hoss Motor Sports, Inc. ("HMSI") and Highline Hydrogen Hybrids, Inc ("HHHI") by which the company will acquire majority interests in both HMSI and HHHI. The closing of the agreement completes the terms of the Letters of Intent previously announced on May 11, 2009 (HMSI) and June 30, 2009 (HHHI).
Under the terms of the all-stock agreement, SymPowerco will acquire 70% ownership of both HMSI and HHHI by issuing to Mr. Humphries common shares representing 51% of the post-issuance outstanding shares of SymPowerco, to the shareholders of HMSI and HHHI shares representing 27.5% of the post-issuance outstanding shares of SymPowerco and to related parties shares representing 12% of the post-issuance outstanding shares of SymPowerco.
Hoss Motor Sports Inc. has designed several types of Off Road Utility Vehicles including vehicles designed specifically for Search and Rescue, Construction Sites and for Sport Utility and Off Road Enthusiast markets. Under the SymPowerco umbrella, HMSI will manufacture its advanced vehicles at HMSI's new facility in Dumas, Arkansas.
HHHI has developed a unique supplemental hydrogen fuel system for Internal Combustion Engines that reduces dangerous emissions, enhances fuel efficiency by as much as 25% and increases horsepower by an average of 10%. HHHI plans to release a version of its supplemental fuel system for use on Over-The-Road commercial vehicles. The HHHI products will also be produced in the company's new facility in Dumas, Arizona.
SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets being created by today's energy and environmental challenges. HMSI and HHHI offer potentially expansive synergies and marketing opportunities with SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
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