NanoTech Entertainment, Inc. (OTCPK:NTEK) entered into a acquisition agreement to acquire majority stake in High Velocity Enterprises, Inc. (OTCPK:HVEL) on December 17, 2014. Consideration will be paid combination of cash and stock and shall be operated as a majority controlled subsidiary with NTEK management taking over the operations of HVEL. NanoTech Entertainment, Inc. will place the NanoTech Gaming Labs division into High Velocity Enterprises, Inc., which include IP portfolio and full gaming operations.

Aaron Hightower will joined as Senior Vice President of Gaming Technology, Peter Riordan will be new Chief Executive Officer. The agreement contains customary representations, warranties and covenants of NTEK and HVEL, conditions to closing, indemnification obligations of NTEK and HVEL and termination and other customary provisions. The transaction will be completed no later than 1st quarter of 2015.