Global NuTech, Inc. (OTCBB: BOCL) acquired Fishbone Solutions Ltd. from John O. Sloan and William S. Cain for $1.9 million.
February 09, 2012 at 04:00 am
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Global NuTech, Inc. (OTCBB: BOCL) acquired Fishbone Solutions Ltd. from John O. Sloan and William S. Cain for $1.9 million in cash and promissory notes on February 3, 2012. Under the agreement, Global NuTech issued $0.4 million in cash and two convertible promissory notes with an aggregate principal balance of $1.5 million thereon being convertible into shares of Global NuTech common stock, subject to certain adjustments. As a result of the transaction, Fishbone became a subsidiary of Global NuTech. The transaction is subject to approval by the equity holders of Fishbone Solutions and the execution of employment agreement with John Sloan who shall serve as Vice President of Sales and Marketing of Global NuTech. The transaction has been approved by the Board of Directors of Global NuTech and unanimously approved by the members of Fishbone Solutions. Kenneth W. Sloan of Sloan & Roberts, PLLC acted as the legal advisor for Fishbone Solutions in the transaction. IVS Investment Banking acted as the financial advisor for Fishbone Solutions. Corporate Strategies, Inc. acted as financial advisor to Texas Gulf Energy.
Global NuTech, Inc. (OTCBB: BOCL) completed the acquisition of Fishbone Solutions Ltd. from John O. Sloan and William S. Cain on February 3, 2012.
Texas Gulf Energy, Incorporated is engaged in providing construction, maintenance, turnaround management, professional services, project management services, and fabrication and field services. The Company offers services to the refining, chemicals, liquefied natural gas, oil and gas, and midstream and upstream industries. The Company also offers consulting services. Its International Plant Services (IPS) group is engaged in the provision of engineers, construction staff and construction crafts. The IPS group specializes in process plant welders and pipefitters. Its Texas Gulf Fabrication Services group offers pipe, structural steel, skid and module, and vessel fabrication. Its Texas Gulf Energy International group provides capital projects, construction, turnaround and maintenance services for international markets throughout the world. It serves the engineering procurement construction companies, providing services to customers in North America and abroad.