NOHO
Novation Holdings (NOHO) Announces Acquisition of Controlling Interest in SNRY
Jul 02, 2013 (ACCESSWIRE via COMTEX) -- Boca Raton, FL, July 2, 2013 - (eTeligis via Accesswire) - Novation Holdings (OTCQB: NOHO) today announced that it has acquired a controlling interest in Solar Energy Initiatives, Inc. (OTCQB: SNRY) in exchange for the stock of HB&G, Inc., parent of HB&G Temecula, Inc., which operates a local-themed, entertainment focused, bar and restaurant in Temecula California. The parent, HB&G, Inc. plans to start additional, local themed entertainment restaurants in Southern California, Arizona, Texas and possibly Florida over the next three years. The acquisition was in exchange for a combination of SNRY common stock and a convertible preferred stock with voting power equal to 51 percent of all voting stock of SNRY. Although originally announced in April, 2013, the final closing and transfer could not be completed until certain open issues with the restaurant's landlord were resolved, which has just been done. According to Michael Gelmon, CEO of Novation Holdings, "This acquisition will allow us to continue our acquisition plan to identify growing, profitable businesses which we can acquire and then transfer to existing public companies for a controlling interest."
Novation Consulting Services, Inc., the administrative subsidiary of NOHO, also will provide in-house financial services, including accounting, bookkeeping, budget, financial statement preparation, preparation of SEC periodic filings, EDGAR filing conversion, XBLR filings, banking support and similar services, as well as "in-house" corporate counsel services, compensation management support, HR, IT support and other such services to both SNRY as well as to the restaurant group.
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