Flux Carbon Completes Acquisition
ALPHARETTA, GEORGIA, January 28, 2016 (Newswire.com) - FLUX Carbon Corporation (“FCC”) today announced the completion of a series of transactions pursuant to which it acquired majority equity stakes in Bitzio, Inc. (OTCQB: BTZO) and GreenShift Corporation.
The transactions additionally involved the completion by Bitzio of $2.9 million in conventional debt financing, the acquisition by Bitzio of 80% of GreenShift, and the satisfaction and elimination by GreenShift of about $14 million in debt.
FCC and GreenShift have assembled a portfolio of intellectual properties with application potential in three sectors: agriculture, energy, and lifestyle. The technologies cover renewable fuels and chemicals, solar energy and fuels, energy and chemical detection, cannabinoid extraction, wearables and consumer products, among others. The recent transactions are part of FCC’s broader plan to bring those technologies to market.
Planned additional transactions include the transfer of FCC’s stakes in Pervasip Corp., FLUX Carbon Technologies LLC, FLUX Photon Corporation, and Noveda Technologies, Inc., among others to GreenShift for no additional consideration, and the merger of Bitzio and GreenShift.
“The recently completed transactions were structured to eliminate the majority of the combined company’s convertible debt and the associated overhang,” said Marilu Brassington, Bitzio’s Chief Financial Officer. “That overhang has impeded the financing and growth of each company and many of our technologies for years. We are very excited to have eliminated the bulk of it on terms that are favorable to our shareholders, and we are evaluating additional transactions to eliminate the balance of the combined company’s debt and overhang as quickly as possible.”
Additional information on the recently completed transactions is available online in Current Reports on Form 8K filed by both Bitzio and GreenShift on January 26, 2016.
About FLUX Carbon Corporation
FLUX Carbon Corporation develops and commercializes technologies that facilitate the more efficient use of natural resources.
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This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of commodity prices and operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.