ATWT Atwec Technologies Inc (PK)

Board of Directors Approves Acquisition and Elects to Move to OTCQB

Level Three agreed to be acquired for cash and stock, and will become a new business division of ATWT, adding its powerful surveillance products and services to ATWEC’s unique line of child safety and security products.  Level Three’s President Calvin Keys was enthusiastic about the deal, stating “We utilize a robust surveillance and monitoring system to strengthen residential and workplace security in real time environments. We love being able to expand ATWEC’s target markets beyond vehicle safety, and into the homes and businesses of the community.”

The Company held a Board of Directors meeting on July 27, where the directors discussed the Company’s 2020 growth strategy, and unanimously approved the Level Three Security acquisition.  The Company will immediately acquire substantially all of Level Three’s assets and liabilities, while adding new resources to assume the operations of its new security division.  Specific terms of the transaction were not disclosed.

Alex Wiley, ATWEC’s President and CEO, said, “At a total projected cost of more than $1M, this acquisition is significant to our near-term financial outlook and our growth strategy.  It is one of several transactions that the Board has been working on since early January, and represents the first step in our comprehensive growth by acquisition plan.”  The Board likewise approved the acquisitions plan of offering the target companies cash and restricted stock, facilitated through a new liabilities funding program, scheduled to commence during 3Q 2020.

Additionally, the Company unanimously approved a plan to pursue a move from over-the-counter market to the OTCQB by 2021.  The move will require financial audits and other minimum requirements, and the Company is now evaluating several PCAOB registered accounting firms to complete financial audits.

Mr. Wiley continued, “Today the Board approved a plan to get ATWEC to the OTCQB by 2021.  The move will require financial audits and other specific requirements, but we are confident that we can get there quickly.  This will be another milestone in our development from startup company to major player in security technology, working to make the world a safer place.”

Shareholders and other investors can find the disclosure related to the Company’s acquisition of Level Three Security, moving up to the OTCQB, along with the latest Board of Directors meeting, on the OTC Markets website, as well as the Company’s website, www.atwec.com.


About ATWEC Technologies, Inc. (OTC PINK: ATWT):

ATWEC Technologies, Inc. is a child safety and security technology company, headquartered in Memphis, TN, in business since 1979.  ATWT has developed three unique child safety devices which protect children while they are being transported, both to and from schools, events, and homes, and gives parents and administrators ‘peace of mind’.  ATWT has been issued patent number 7,646,288, B2 for its KV-3 system by the US patent office, and its business model is associated with legislation designed to mandate these systems for school and other vehicles, on a state-by-state basis.  The KV-3 and the Kiddie Alert™ backup systems are currently being sold to customers across the globe.  The company recently announced their new "state of the art" KV-4 platform which uses RFID technology and their new cloud-based system to easily track children on vehicles to and from home.  The Company also recently announced its KV-X product which used ultra-violet rays to sanitize a bus or van from bacteria and pathogens.  The Company trades on the OTC Markets under the symbol “ATWT”, and the Company’s website is www.atwec.com.

Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected".

You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company’s disclosure information.

All company or product names used are the property of their respective owners and may be the trade marks (TM), service marks (SM), or registered marks (R) of other companies, and are used for information purposes only and to their owners' benefit, without intent to infringe.
 

CONTACT:

ATWEC Technologies, Inc. 
admin@atwec.com
901-435-6849

Atwec Technologies (PK) (USOTC:ATWT)
Historical Stock Chart
Von Okt 2024 bis Nov 2024

Atwec Technologies (PK) (USOTC:ATWT)
Historical Stock Chart
Von Nov 2023 bis Nov 2024