IBGR NEWS$$ Nexus Energy Services, Inc. Executes Definitive Agreement with DRYWORLD
Press Release|08/17/2020
Nexus Energy Services, Inc. (OTC Pink:IBGR)(Doing business as Nexus or the "Company) is pleased to announce that it has entered into a Definitive Agreement dated August 14th, 2020 with DRYWORLD Brands LLC (DRYWORLD) of Santa Barbara, California, whereby the Company will acquire a 100% interest in DRYWORLD in exchange for preferred and common shares of the Company (The Transaction).
DRYWORLD
DRYWORLD is the Worlds Leading Independent Sports Brand. The team has more than 30 years collective experience in clothing and apparel specific to the athletic space along with 40 years of public markets expertise.
Business
DRYWORLD is engaged in the design, development, manufacturing and distribution of premium performance athletic apparel and gear. We are athletes who build innovative, purpose-driven products that give athletes of all levels a competitive edge, keeping them warm, dry and comfortable in adverse conditions. The company is a community-driven brand focused on people living a healthy, fitness-based lifestyle. DRYWORLD strives to strengthen and support the fitness community on a global basis. Our products are sold direct to consumers through our dedicated e-commerce platform, the Amazon Marketplace and experiential shopping. Initial product sales and distribution target North and South American, the U.K. and Euro zone marketplaces with the intent to expand further into other relevant territories.
Transaction Summary
Upon closing, the Company will issue 25 million common shares, and 850 series E preferred shares to DRYWORLD in exchange for 100% of the issued and outstanding shares and assets of DRYWORLD. The Transaction is not a non arms-length transaction under applicable securities rules. No deposit or advance has been made or is anticipated to be made by the Company to DRYWORLD in connection with the Transaction. The Company currently has 140,342,956 common shares issued and outstanding, as well as 10,000 series D preferred shares, which are being transferred from the current management to DRYWORLD. The Transaction is subject to a number of terms and conditions, including but not limited to receipt of all necessary Board, shareholder and any regulatory approvals.
Management and Board of Directors of the Resulting Issuer
Upon completion of the Transaction, it is expected that the board of directors of the Company will change under the direction of DRYWORLD. Initial board members are: Mr. Brian McKenzie, Mr. Matt Weingart, Mr. Barrett Evans and Mr. Ron Minsky. Additional board members will be proposed in due time.
A brief biography of the Board of Directors is provided below:
Brian McKenzie, Co-CEO and Director
Brian is a former international rep level rugby player. Originally from Scotland and now a Canadian citizen who has spent more than 20 years as an entrepreneur, holds a degree in engineering and has a broad range of expertize in finance, technology, real estate development and retail.
Matt Weingart, Co-CEO and Director
Matt is a former international Canadian rugby player who represented his country at three World Cup competitions. He has a Bachelor of Commerce degree, 19 years experience as an entrepreneur in the fashion and manufacturing space, a solid holistic business background and a deep understanding of all business operations.
Barrett Evans, CFO and Director
Barrett is a seasoned executive, investment banker, and fund manager with over 28 years of experience in corporate finance, private equity, IPOs and start-ups. He currently sits on a number of corporate boards and is a graduate of the University of California, Santa Barbara.
Ron Minsky, Director
Ron is a unique businessman with a storied career as former Deputy Attorney General for the State of New Jersey. Along with being an executive for Nexus Energy, he was also a Business Development Associate for a large private equity firm and several hedge funds. Ron has degrees in Accounting/International Business, an MBA in Finance/Marketing and holds Bar Admissions in New York, New Jersey, Washington D.C. and the Supreme Court of the United States.
Name and Ticker Symbol Change
Subject to receipt of any necessary shareholder, Board of Director and regulatory approvals, and subsequent to closing of the Transaction, the Company will change its name toDRYWORLD and change the ticker symbol to DRYW.
Management Statement
Brian McKenzie,Co-Founder and Co-CEO of DRYWORLD stated: Management has reached a significant milestone with DRYWORLD catapulting onto the public market. During the last decade our team has worked diligently to create a visceral, intuitive company with a signature lineup of products that is unparalleled in the global sports brand space. After extensive scientific testing we have the knowledge that no other products on the market can provide athletes the proven benefits that come from DRYWORLDs Signature line. We look forward to bringing our innovations forward as a public company and increasing shareholder value for all.
For information:
Matt Weingart
Co-Founder/Co-CEO DRYWORLD
1 (778)-784 7562
matt@thedryworld.com
www.thedryworld.com
ABOUT DRYWORLD BRANDS LLC.
DRYWORLD is a performance sports brand offering innovative, superior quality apparel and gear for the athlete in all of us. We build purpose-driven products that give athletes the edge. Engineered by athletes, proven by science.
