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On February 28, 2020, Ozop Surgical Corp. (“we,” “us,” “our,” “OZOP,” or the “Company”) entered into a Binding Letter of Intent (the “LOI”) with Power Conversion Technologies, Inc., a Pennsylvania corporation (“PCTI”), and Catherine Chis (“Chis”), PCTI’s Chief Executive Officer (“CEO”) and its sole shareholder. Pursuant to the terms of the LOI, the Company will acquire 100% of the issued and outstanding shares of PCTI (the “PCTI Shares”) from Chis (the “Acquisition”) in consideration of (a) the issuance by the Company to Chis of (i) 47,500 shares of the Company’s Series C Preferred Stock (pursuant to an amended certificate of designation to be filed prior to closing the Acquisition), (ii) 18,667 shares of the Company’s Series D Preferred Stock (pursuant to a certificate of designation to be filed prior to closing the Acquisition), (iii) 500 shares of the Company’s Series E Preferred Stock (pursuant to a certificate of designation to be filed prior to closing the Acquisition); and (b) the Company paying $400,000 to PCTI in multiple tranches, with an initial tranche or tranches totaling $100,000 within 90 days from the signing of the LOI and with the aggregate of $400,000 being paid in full at the latest upon execution of a definitive purchase agreement or at such other date as shall be agreed to by the parties.
Link to LOI https://www.sec.gov/Archives/edgar/data/1679817/000155479520000053/ozsc0227form8k.htm
WARWICK, NY., June 02, 2020 (GLOBE NEWSWIRE) -- Ozop Surgical Corp. (OTCPK: OZSC), (“Ozop” or the “Company”), today announced that Power Conversion Technologies, Inc. (“PCTI”), has recently been included in a bid issued by a defense contractor for the US Air Force for the manufacture of various power converter modules for two prototype flight-line power carts as part of the Air Force’s Flightline of the Future effort equipment and communications modernization effort. Currently the Air Force uses older diesel engine driven generators and is looking to switch to pure battery powered carts. The Air Force currently has 4,500 generator, primarily diesel engine driven. The intention of this effort is to replace them with efficient, quiet battery-powered carts. Management believes that with its numerous years of experience in the field working with the Air Force, other branches of the DOD as well as previous similar successful projects with this client, it is well positioned to be selected for this contract. The average revenue per cart for PCTI is estimated to be between $80,000 and $100,000 depending on quantity. PCTI President Catherine Chis commented “We had an excellent collaborative relationship with this client on a previous project. Our team would enjoy working with them again on this important opportunity for the modernization effort for the Air Force.”
Who is
PCTI designs and manufactures power conversion technology in the highest power ranges
Power Conversion Technologies, Inc., a certified DBE Woman-Owned business, designs and manufactures equipment in response to the growing demand for power electronics in the highest power ranges. PCTI has been addressing a new era in power electronics as applied to industrial equipment since 1991.
PCTI’s engineering staff has in-depth knowledge in the key areas of power conversion such as power semiconductor analysis and application, thermal exchange, magnetic design, packaging, DSP (digital signal processor) control for converters/inverters, embedded system design, digital communication, and HMI (human machine interface).
New materials and components are continually analyzed so that we may be able to pass increased quality and decreased cost on to the customer. Equipment manufactured at PCTI has been designed for production efficiency and maintainability in order to provide the best value for the customer. PCTI’s staff has industrial applications expertise in the power conversion field dating from the introduction of industrial power electronics in the 1960’s to the modern industrial applications existing today and those that will exist tomorrow.
Our customers are located throughout the world in Europe, Asia and the United States and include general industrial customers, and military customers both domestically and internationally. Some of our typical applications include heavy industrial applications, equipment for research laboratories, aircraft ground support, battery chargers, metal finishing, testing, water conditioning, electrochemical processes, transportation, custom distribution equipment and telecommunications.
Check out this video about our company:
Our DC power supplies use a multipulse SCR / IGBT design to achieve high efficiency, low ripple, precise regulation and low output noise, available in ratings from 5KW to 20MW.
PCTI offers rugged high-current battery chargers to meet all of your high-current industrial charging applications from 5KW to 2MW.
DC/DC, DC/AC, AC/AC, solar cell power stations, power transmission, electrostatic precipitator
Distribution equipment, gate boxes, switchboards, line drop compensators, line protection modules
Integrated modules with IGBTs, SCRs, MOSFET, Diodes, GTO, GTC-Bipolar
Prototyping, R&D, consulting
Because power electronics permeate every industry, PCTI customers span a wide spectrum of applications. Our applications range from testing utility circuit breakers to charging submarine batteries for use in submarines and many others.
The following is a sample of our customer base and their applications.
Applications
400Hz Frequency Converters for Aircraft Ground Support, Battery Chargers, Heavy Engine Starting, Plating Power Supplies
Applications
Submarine Battery Chargers, Converters for Aircraft Ground Support, Missile Launching Power Supply, DC Power Supplies for Communications, Inverters for Solar Power Offshore Platform
Applications
400Hz Frequency Converters for Aircraft Ground Support, Battery chargers, Research Laboratory
Applications
Avionics Maintenance Shops, Aircraft Ground Support, Load Sense Circuitry
Applications
Utility Circuit Breaker Testing
Applications
Computer Controlled Battery Chargers
Applications
Circuit Breaker Testing Equipment
Applications
Testing Power Supplies
Applications
Overhead Cranes
Applications
Utility Circuit Breaker Testing
Applications
Overhead Cranes
Applications
Chlor-Alkali Plant
Applications
Submarine Telecommunications System
Applications
Circuit Breaker Testing Equipment
Applications
Coating Systems
Applications
Ground Power for Space Shuttle Payloads
| Outstanding Common Shares | 3,107,043,764 as of Sep 1, 2020, per TA | Up 422,377,302 (16%) from July 1, 2020 |
| Authorized Shares | 4,990,000,000 | |
