Deep Green Waste & Recycling, Inc. entered into a definitive Stock Purchase Agreement to acquire Lyell Environmental Services, Inc from Jeremy Lyell for $1.4 million.
August 15, 2021
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Deep Green Waste & Recycling, Inc. (OTCPK:DGWR) entered into a definitive Stock Purchase Agreement to acquire Lyell Environmental Services, Inc from Jeremy Lyell for $1.4 million on August 11, 2021. The consideration will be paid of $1.35 million in cash and stock. In consideration for the purchase of the LES Shares, Deep Green shall pay to the Shareholder? (i) $50,000 upon execution of the Agreement that shall be held in escrow, (ii) $1,300,000 at Closing, and (iii) 1,000,000 shares of Deep Green?s common stock. Deep Green will finance the cash portion of this transaction using convertible debt financing in close cooperation with its strategic investment partners. Lyell Environmental Services, Inc. will operate as a wholly owned subsidiary of Deep Green Waste & Recycling, Inc. The transaction is subject to approval by Deep Green's Board of Directors, meeting closing conditions, and customary regulatory approvals. All transfers of Permits and all approvals, applications, or notices to public agencies, federal, state, local or foreign, the granting or delivery of which is necessary for the consummation of the transactions contemplated hereby or for the continued operation of the Company shall have been obtained, and all waiting periods specified by law with respect thereto shall have passed. All such transfers and approvals shall be reasonably satisfactory in all respects to Deep Green. Deep Green shall have received the Shareholder?s resignation, as the sole officer and director of Lyell Environmental, effective as of the Closing. The results of Deep Green?s due diligence investigation of Lyell Environmental and the Shareholder as it relates to the Shares shall be satisfactory in all respects to Deep Green. Deep Green shall have received a final letter from the SEC qualified audit of Lyell Environmental?s financial statements. Deep Green expects to close the acquisition in September.
Deep Green Waste & Recycling, Inc. is an environmental protection agency (EPA) compliant and state compliant environmental services company. The Company specializes in the meticulous removal of toxic materials, including mold, lead, radon, and asbestos, across both commercial and residential properties. It is also focused on providing waste and recycling services for customers, waste haulers, and recycling centers. The Company is also focused on offering recycling services that reduce the disposal of plastics, electronic wastes, food wastes, and hazardous wastes in the commercial property universe. It is also engaged in designing and managing waste programs for commercial and institutional properties. The Company's wholly owned subsidiaries include DG Treasury, Inc. and Lyell Environmental Services, Inc. (Lyell). Lyell is a commercial environmental and ecological testing services company, which focus on environmental protection and safety.
Deep Green Waste & Recycling, Inc. entered into a definitive Stock Purchase Agreement to acquire Lyell Environmental Services, Inc from Jeremy Lyell for $1.4 million.