SOURCE: NAC Global Technologies

June 24, 2014 08:00 ET

NAC Announces Acquisition of LipidViro Tech

JACKSONVILLE, FL--(Marketwired - Jun 24, 2014) -  NAC and LipidViro Tech (OTCBB: LPVO) today announced an acquisition between the two companies. On April 29, 2014 the Company filed an 8-K with the SEC providing the details of the transaction wherein NAC shareholders retained 92.5% of the resulting entity. 

Vincent Genovese, Chairman and CEO, said, "We are very pleased to bring NAC into the public market as we enter the next stage of our evolution. This transaction is allowing us to expand operations, accelerate our growth and commence on key initiatives for emerging markets."

The Company's new name will be NAC Global Technologies. A definitive 14C was filed today with the SEC on the planned name change. The Company anticipates the effective date of the Name Change will be July 14, 2014. The Company's OTCBB ticker will remain LPVO for the time being.

About NAC Global Technologies

NAC Global Technologies is a development and manufacturing company operating in the robotics, automation, energy, defense, and medical industries. The company focuses on supplying critical technologies to meet key national and global needs in existing and emerging multi-billion dollar markets. The company's first product offering is harmonic gearing technology (HGT), in which the company's management has decades of experience. Expanding from this market entrance point, the company is building a portfolio of synergistic technologies and has strategic initiatives in place to expand its market and application reach into emerging clean energy and advanced, force sensing robotics in industrial and medical applications. 

The Company has its corporate headquarters in Jacksonville, FL, and has one operating subsidiary, NAC Drive Systems Inc. NAC manufactures and warehouses products in Port Jervis, NY and in Beijing, China via a strategic partnership agreement with CTKM Beijing Harmonic Drive, Ltd., the national HGT supplier to the China Space Agency. More Information is available at: www.nacdrivesystems.com

Contact Information

  • Investor Contact:
    Kirin M. Smith
    Chief Operating Officer
    ProActive Capital Group
    D: 646.863.6519
    641 Lexington Avenue, 6th Floor
    New York, NY 10022
    www.proactivecapital.com