Highline Technical Innovations, Inc., Formerly Systems Evolution, Announces the Acquisition of Bo-Tie Manufacturing, Inc.
Last update: 3/31/2010 11:00:00 AM
FARMINGTON, Ark., March 31, 2010 /PRNewswire via COMTEX/ -- Systems Evolution Inc. (Pink Sheets: SSEV) (Highline Technical Innovations, Inc.), majority shareholder in Highline Hydrogen Hybrids Inc. and Hoss MotorSports, announced today that it has completed negotiations and entered into a Share Exchange Agreement with Bo-Tie Manufacturing, Inc., an Arkansas corporation () engaged in the manufacturing and sales of aluminum truck beds and accessories. This arrangement delivers total ownership of Bo-Tie Manufacturing, Inc. to Highline Technical Innovations, Inc. effective March 30, 2010.
CEO Charlton Coats made the announcement today after completing the documentation necessary to consummate the transaction. Mr. Coats further stated that this acquisition will provide an additional immediate revenue stream for the company. Bo-Tie generated approximately $150,000 since January 1, 2010 from the sale of truck beds and accessories.
Further, Highline Technical Innovations recently returned to its transfer agent 207,930,262 shares common stock for retirement into the treasury. These shares were returned to the corporation upon the resignation of former CEO Steve Humphries. This number of shares was requested to be issued with restriction for the share exchange with Bo-Tie Manufacturing. CFO Mel Robinson said, "This action not only allows for future growth of Highline Technical Innovations but limits dilution of shareholders at the same time."
The company would also like to update shareholders on the progress of other activities. Idaho Secretary of State reflects the new name, Highline Technical Innovations, Inc., as well as the current authorized shares at six billion. FINRA has all requested documentation including the newly obtained CUSIP number for process. As of today they do not have a completion date for the corporate action. Also, the new website for Highline Technical Innovations, Inc. is . The website and the company's new toll free number will be operational by April 8, 2010.
Contact: Mel Robinson 479-267-6000
SOURCE Systems Evolution Inc.
Copyright (C) 2010 PR Newswire. All rights reserved
AI
