Go Green Global Technologies Corp. Achieves Current Information Tier on the OTC Markets, Amended Asset Purchase Agreement Signed by Dr. Mario Pandolfo.
Brookfield, CT, Jan. 09, 2020 (GLOBE NEWSWIRE) -- Go Green Global Technologies Corp. (OTC Pink: GOGR) (“Go Green”) an innovative company with disruptive technology for the water and fuel industries, is pleased to announce that the company has achieved Current Information Tier on the OTC Markets. Annual reports for 2017, 2018 as well as 3 quarterly statements for 2019 are available on the OTC Markets site.
Said CEO of Go Green Danny Bishop, “Becoming current and staying current will be very important to us as we move our project forward. Transparency is key. It is essential that Go Green ensure complete disclosure and to provide shareholders and any potential investors the full scope of information. We expect to file in a timely manner to maintain the Current Information Tier”.
In addition to achieving Current Information Tier on the OTC Markets, the company is thrilled that Dr. Mario Pandolfo has agreed to an amended Asset Purchase Agreement (APA) for the acquisition of all the assets relating to the disruptive Sonical™ water and fuel technologies. The original APA was signed in the spring of 2017 and was negotiated with the prior management team. This agreement was based upon a total consideration of $8,000,000.00 of which $600,000.00 has been provided to Dr. Pandolfo. The balance of the $7,400,000. was to be paid in the form of $1,000,000.00 in cash and the balance was a royalty of 7.5% of gross sales. The amended APA has the same purchase price as the original, however, Dr. Pandolfo has agreed to receive 10,000,000 restricted common shares in lieu of the $1,000,000.00 in cash.
Highlights of the agreement are:
- In order to issue the 10,000,000 restricted common shares of GOGR Dr. Pandolfo will file 2 new patents on behalf of Go Green that will cover commercial applications of the water and fuel Sonical™ systems as well as provide a complete transfer of technology.
- A test with an accredited EPA laboratory in order to validate European data on a vehicle with a diesel engine for emission reduction and improved fuel efficiency.
- All sales of the Sonical™ fuel and water products worldwide will be booked as revenue to GOGR.
- The company has a right to buy back the common shares after 12 months for $.10/share.
- Once the restriction expires on the common shares the number of shares that can be sold will be based upon a formula based on historical volume. In addition, if the total sales exceed the $1,000,000.00 then this total will be applied against the balance owed.
Said Dr. Pandolfo: “I am delighted that we have agreed to amend our original Asset Purchase Agreement so that Go Green can get started again to create revenue and enhance shareholder value. Over the past 2 years I have continued to work on larger water projects and have also tested the new water and fuel products with the appropriate regulatory bodies in Europe and am excited to share the data with the management team of Go Green. I look forward to ramping up production in the US and in the short term will be making product available to Go Green from my R&D facility in Europe”.
About Go Green Global Technologies Corp.
Go Green Global Technologies Corp. (OTC Pink: GOGR) is an innovative publicly traded U.S. company that provides proprietary disruptive technology for the water and fuel use industries. Solutions are provided worldwide utilizing the proprietary Sonical™ process for both non-chemical water treatment and fuel combustion applications which include, automotive, transportation, maritime and railway industries. The company is a pioneer and leader in the emerging Pulsed- Power technology sector. Since inception, the company has focused on technologies that lead to a cleaner and more efficient planet.
Legal Notice Regarding Forward-Looking Statements:
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. That includes the possibility that the business outlined in this press release cannot be concluded for some reason. That could be as a result of technical, installation, permitting or other problems that were not anticipated. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Go Green to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Go Green undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
Contact Information:
Danny Bishop, CEO
203-733-0488
