ANGS.OB Announces the Signing of a Definitive Agreement
Angstrom Technologies Corp. announced this afternoon that it has signed a definitive agreement that outlines the merger of its wholly owned subsidiary, Angstrom Acquisition Corp., with Angstrom Microsystems Inc. (AMI). Once the merger is completed, Angstrom Technologies Corp. plans to change its name to Angstrom Microsystems Corp. in order to accurately reflect its new business direction.
Angstrom Microsystems is a green computing solutions company that is focused on providing blade servers and workstations specifically designed for the energy-demanding datacenter sector. The company also provides software that dramatically reduces the number of machines required to complete a given task. By combining this technology with state-of-the-art cooling techniques, the company significantly reduces energy consumption while preserving high performance computing.
Terms and conditions to be met prior to the closing of the merger include: “(i) AMI obtaining the requisite shareholder approval; (ii) AMI delivering all financial statements required to consummate the merger; (iii) the Company having appointed nominees of AMI and the Company’s President to the board of directors; (iv) the parties entering into certain employment agreements with management of AMI; (v) the principals of AMI licensing certain patents of AMI to the Company; and (vi) the Company adopting a stock incentive option plan for employees and consultants.”
Angstrom Technologies Corp. CEO Alpha Pang stated, “I am excited in the new direction our Company is expected to take with this merger. With the completion of the Merger we expect to be able to move the Company forward in a positive direction to help create shareholder value. The server market alone is a several-billion-dollar industry; the fact that Angstrom Microsystems Inc., addresses a bourgeoning problem within this industry offers even more value and opportunity to our company.”
“I am therefore happy and prepare to pass the reins on to Angstrom Microsystems Inc.’s founder Mr. Lalit Jain, as the new CEO of Angstrom Technologies Corp. to lead Angstrom into a new future once the merger is completed. Mr. Jain is an alumnus of MIT and brings with him numerous years of experience in this sector, as well as over $50 million in revenues since Angstrom Microsystems Inc.’s inception,” he continued.
Lalit Jain, CEO of Angstrom Microsystems Inc, responded, “I am excited by this opportunity to lead this company and hope to enhance shareholder value by adding Angstrom’s powerful energy-saving solutions. With energy prices soaring to record levels and energy consumption surging throughout the world, Angstrom reduces energy usage in the datacenter to do more with less. Going green used to mean spending more of your hard earned ‘green.’ However, using Angstrom solutions is an environmentally-conscious way to save your ‘green’ from day one!”
