NaturalNano, engaged in the development and commercialization of material additives based on proprietary nanomaterial technology, has agreed to acquire 100 percent ownership of MJ Enterprises LLC, dba General Silver Plating LLC, a provider of chrome plating services for products used in the automobile and household appliance industries.
"This acquisition is important to NNAN and its shareholders for two reasons," NNAN CEO Jim Wemett stated in the news release. "First, it brings into NNAN a business with a very attractive and loyal customer base with the opportunity to grow the base plating business significantly. Second, it enables NNAN to work with the GSP business to identify opportunities to expand our proprietary halloysite nanotubes ("HNT") applications. It provides our shareholders with real value by acquiring this established well-respected business for 60 million NNAN common shares."
General Super Plating ("GSP") specializes in high-quality plating on plastics. The company's plates parts for global brand names in the appliance, automotive, electrical, electronics, marine, medical, military, personal care, and plumbing industries.
"We are excited to become a part of the NNAN team," said J.T. Jacus, CEO of MJ Enterprises LLC and owner of GSP. "This allows us to grow the GSP business in a fundamental way. It enables us to complete our plans to make further improvements to our manufacturing plant to increase capacity to take advantage of the growth of our customer base and add products to increase our annual sales above the $12 million sales level that was achieved in 2013."
NNAN made the acquisition for common shares - additional details were not provided. The acquisition is expected to close in the near future.
For more information, visit naturalnano.com
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