The Renewable Corp. (OTC: RNWB) said it has signed a letter of intent with Findex.com, Inc. (OTC: FIND) through which Findex will acquire the company´s wholly-owned subsidiary EcoSmart Surface and Coating Technologies, Inc. in exchange for the company receiving approximately 80% of Findex.
Following the closing, the board of directors of Findex shall consist of two current board members of Findex and three members that shall be appointed by the company including Joseph Alvarez, the current COO of EcoSmart, and Steve Malone. Alvarez shall be CEO of Findex. The company intends to distribute the FIND common stock to the company´s shareholders.
The transaction will be structured either as a merger or asset sale. Regardless the company will own approximately 80% of the outstanding shares of FIND on a fully-diluted basis. Subsequent to the anticipated closing of the transaction, the business operations of the EcoSmart entities will comprise the FIND business operations.
The Renewable, through its wholly subsidiary EcoSmart Surface & Coatings Technologies, Inc., has developed state of the art industrial coatings which comprises of over 15 specialty coatings that have a wide range of uses in industrial, commercial and residential sectors.