VAN NUYS, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) — Eco Innovation Group, Inc. (OTC: ECOX) (“ECOX” or the “Firm”), an modern firm aggregating investments in new applied sciences that promote environmental and social well-being and the development of inexperienced power options, immediately declares the signing of a time period sheet for the formation of a Canadian development enterprise and the acquisition of the gear of an current Canadian development firm in an all-stock transaction.
On August 5, 2021, the Firm signed a non-binding time period sheet with Spruce Building, Inc., an Alberta company, and its shareholder, to accumulate the property of Spruce Building, consisting of automobiles and gear used within the development business. The Firm and the shareholder of Spruce Building have agreed to type a brand new Canada company to be named Spruce Engineering and Building, Inc. to deploy these property in Canada. Beneath the time period sheet, ECOX will personal 85% of Spruce Engineering and Building, the Spruce Building shareholder will personal 10%, and Patrick Laurie, CEO of the Firm’s Canadian inexperienced expertise growth subsidiary, will personal 5%.
“The acquisition of development property in Canada is a concrete step in the direction of producing income from the set up of our sustainable power expertise in Canadian houses and companies,” mentioned Julia Otey-Raudes, President and CEO of Eco Innovation Group. “ECOX’s Canadian development agency will accomplice with our previously-announced Canadian expertise growth arm, ECOIGCANADA, INC., to ship our PoolCooledTM Local weather Management expertise to the Canadian market.”
The Firm additionally introduced that Patrick Laurie, interim CEO of ECOIGCANADA, INC., will serve on the board of administrators of Spruce Engineering and Building together with Julia Otey-Raudes and Spruce Building’s shareholder, Timothy Boetzkes. Beneath the time period sheet, ECOX can pay Mr. Boetzkes a million shares of the Firm’s restricted widespread inventory for considerably the entire property of Spruce Building, with an supposed time limit of August 15, 2021. The brand new entity will assume roughly CAN$60,000.00 in debt from the predecessor.
About Eco Innovation Group
Eco Innovation Group was based by Inventors and Enterprise Professionals to assist nurture and catalyze essentially the most modern and impactful services, and to ship these improvements to the world, enhancing the standard of life in our communities and the world round us, whereas delivering worth to our shareholders. At ECOX, we’re devoted to creating and commercializing profitable merchandise. However we’ll by no means lose sight of the truth that we exist, in the beginning, to assist folks and enhance life on the planet all of us share. We take our Social Duty Contract critically in all our endeavors. It isn’t solely what we do. It’s who we’re. For extra data, go to www.ecoig.com.
View the Firm’s new video Right here.
FORWARD-LOOKING STATEMENTS: This launch incorporates “forward-looking statements” throughout the which means of the secure harbor provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements additionally could also be included in different publicly out there paperwork issued by the Firm and in oral statements made by our officers and representatives sometimes. These forward-looking statements are supposed to supply administration’s present expectations or plans for our future working and monetary efficiency, based mostly on assumptions presently believed to be legitimate. They are often recognized by means of phrases reminiscent of “anticipate,” “intend,” “plan,” “aim,” “search,” “imagine,” “venture,” “estimate,” “anticipate,” “technique,” “future,” “doubtless,” “might,” “ought to,” “would,” “may,” “will” and different phrases of comparable which means in reference to a dialogue of future working or monetary efficiency. Examples of forward-looking statements embrace, amongst others, statements referring to future gross sales, earnings, money flows, outcomes of operations, makes use of of money and different measures of monetary efficiency.
As a result of forward-looking statements relate to the longer term, they’re topic to inherent dangers, uncertainties and different components which will trigger the Firm’s precise outcomes and monetary situation to vary materially from these expressed or implied within the forward-looking statements. Such dangers, uncertainties and different components embrace, amongst others reminiscent of, however not restricted to financial situations, modifications within the legal guidelines or laws, demand for services of the corporate, the consequences of competitors and different components that might trigger precise outcomes to vary materially from these projected or represented within the forward-looking statements. Any forward-looking data supplied on this launch must be thought of with these components in thoughts. We assume no obligation to replace any forward-looking statements contained on this report.
Eco Innovation Group, Inc.
EDM Media, LLC