NanoTech Completes Acquisition of High Velocity Enterprises, Inc.
Announces Corporate Reorganization and Management Plan
SAN JOSE, Calif., Feb. 2, 2015 /PRNewswire/ -- NanoTech Entertainment (OTCPINK: NTEK), an entertainment conglomerate leveraging technology to deliver state-of-the-art products and services, announced today that it has completed the acquisition of a controlling interest in High Velocity Enterprises, Inc. (HVEL) as part of an overall corporate reorganization. NTEK will place the NanoTech Gaming Labs division into HVEL which will include the division's IP portfolio and full gaming operations.
With the acquisition complete, NanoTech shareholders of record as of February 6, 2015 will be allocated shares in HVEL equivalent to their percentage of ownership in NTEK. Shares will be issued to NTEK shareholders upon effectiveness of a to be filed Form S-1 Registration Statement with the Securities and Exchange Commission ("SEC") pursuant to the Securities Act of 1933 as amended. NanoTech will strive to complete the shareholder allocation as soon as possible, but cannot provide a specific date of issuance until the transaction has been approved the appropriate regulatory authorities.
HVEL shareholders will benefit from the immediate acquisition of NanoTech Gaming Labs Staff, Technology, IP Portfolio and product line up. HVEL will immediately change its name to NanoTech Gaming, Inc. ("NanoTech Gaming") and apply for a new ticker symbol to reflect the new name. NTEK will retain the majority controlling interest in NanoTech Gaming.
Alan Stone, is the new Chairman and CEO of NanoTech Gaming where he will focus on licensing the portfolio of IP and the acquisition of global gaming licenses as well as the manufacture and distribution of gaming products. Alan and the other board members will be joined by Aaron Hightower, Senior VP of Gaming Technology who has accepted a board seat.
As part of NanoTech's new corporate reorganization and management plan, Peter Riordan, previously NanoTech's Vice President of Strategic Planning, has been named the new CEO of NanoTech Entertainment and has been appointed to the Board of Directors. In his new position, Peter will focus on the overall corporate strategy, completing the audit process and up listing. He will also provide support for each business unit head to facilitate their continued success in their various endeavors. Jeff Foley, NanoTech's former CEO, remains on Board of Directors and will be focusing on expanding the licensing of several of the company's patent pending technologies and franchising opportunities. Riordan noted, "I've been fortunate to work with Jeff, Al and Ted over the past year in formulating a plan to take NanoTech to the next level. We have performed well on all fronts in our transition from the R&D phase to product delivery. By reorganizing the management structure to have each business unit have a focused set of goals and leadership, we believe that we can bring the greatest value to our shareholders this year."
The goal of NanoTech's corporate reorganization and management plan is to optimize business opportunities by leveraging staff skill-sets, maximizing revenues and shareholder value. Key objectives include focusing on how to complete audits for each division and how to organize the management structure to best serve the business as a whole. To these ends, a new corporate governance oversight board has also been created and details will be released with the new FY2015 business plan in the coming weeks. Riordan closed by stating, "I, along with other shareholders want to thank Al, Jeff and Ted for having the foresight to expand the business and to setup each business unit for maximizing results and increasing value. I look forward to 2015 and beyond as we make significant strides in each market segment that we are in, complete audits and up listings further shareholder value."
NTGL's buffoonish ex-President, Aaron Hightower 'working' at the NTGL Romper Room playhouse before he was fired: