SARANAC, Mich., Sept. 10 /PRNewswire-FirstCall/ -- Green Bridge Industries, Inc. (OTCPK: GRBG) is pleased to announce that the Company has signed a letter of intent with Green Bridge Technologies International, Inc. (OTCPK: GRBT) to sell Vapor Technologies, Inc. in return for $5 Million in restricted shares of Green Bridge Technologies International, Inc. Both sides expect a definitive agreement to be finalized within the next thirty days after the due diligence period is completed. Once the deal is finalized, Vapor Technologies will become part of Green Bridge Technologies International's Technology Incubator division. John Brock will continue on as CEO of Vapor Technologies, Inc.
Vapor Technologies, Inc. uses multiple encapsulated vortexes to provide pure fuel vapors to gasoline and diesel engines to produce very high fuel efficiency ratings. Optimal utilization of the company's technology will be through its integration into hybrid engine systems, which allows for a leaner air/fuel mixture not possible with today's typical fuel injection systems. Green Bridge Industries will continue to develop, market, and sell its non-toxic, environmentally friendly cleaning line of products marketed under the ZAP(TM) label. The Company will continue to look for products and technologies that fit into its core business strategy.
"We are excited about the possible acquisition of Vapor Technologies and the possibilities their technology brings to a variety of vertical markets," stated Len Baxter, CEO of Green Bridge Technologies International, Inc.
"Once the sale of Vapor Technologies is completed, Green Bridge Industries will be able to reward its loyal shareholders as well as to continue fulfilling our business plan," stated William White, Chairman and CEO of Green Bridge Industries, Inc.
About Green Bridge Industries, Inc.:
Green Bridge Industries, Inc. offers non-toxic, environmentally friendly cleaning products to fit the sanitation needs of the medical, agricultural, military, and retail markets. The Company, through its proprietary technology, has the ability to develop bio-renewable alternative cleaning products, which are superior to the synthetic products currently offered in the marketplace. The Company's products are safe for the surfaces it cleans, the environment, animals and humans.
About Green Bridge Technologies International, Inc.:
Green Bridge Technologies International, Inc. is a technology-based company that concentrates on developing and marketing new energy efficient products and services. The Company operates an incubator facility and works with inventors and early stage development companies that have technologies that will help reduce US energy needs. Through its wholly owned subsidiary, the Company provides solutions for vehicle and asset recovery and tracking. The tracking technology product line has applications for data and tracking functions across a variety of industries, utilizing CDMA, IDEN, and GSM technologies
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact: Green Bridge Industries, Inc. www.greenbridgeindustries.com Investor Relations 407-389-5900
SOURCE Green Bridge Industries, Inc.
Contacts:
Investor Relations Green Bridge Industries, Inc. 407-389-5900
Public Companies Associated with this story: GRBG GRBT
Knobias Subject Codes Associated with this story: Corp Financing Divestiture/Asset Disposition Merger/Acquisition Segment Discontinuation
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