Acquires Patented Flow Control Products and Cloud-Based IoT Monitoring Solution
HOUSTON, TX, Dec. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Movement Industries Corp. (OTC PINK: MVNT) announced today that the company has completed the acquisition of SGX Industrial LLC. With the closing of the acquisition, Movement has acquired SGX’s IoT chip design, its cloud-based monitoring system that remotely monitors and controls the flow of various media (oil, gas, chemicals), several patents for flow control products and approximately $300,000 of product inventory. SGX’s products will be added to the company’s flow control product line that includes valves, pumps, and actuators. The IoT platform will serve as the basis for our new monitoring division and will be included along with our upstream and downstream service contracts.
Mr. Linh Nguyen, Movement CEO, stated, “Our new monitoring division will provide high-margin recurring revenues that will increase our top and bottom lines and benefit our shareholders. As a company, we are focused on including new technology advancements in all our products and services as a key component of our strategy to move the world through innovation. These new technologies will provide a more efficient infrastructure for energy production that will ultimately help to advance humanity.”
The purchase price for the acquisition is 100,000 shares of Series B Preferred stock, the assumption of a $300,000 promissory note, plus incentives for an additional 10,000 shares of Series B Preferred stock per year over the next five years if certain performance criteria are met. The Series B Preferred stock is restricted for two years and each share of Series B Preferred stock can be converted into 100 shares of the company’s common stock.
The company is also in talks to acquire an artificial intelligence platform that would be paired with the monitoring solution to provide decision-making capabilities that will allow upstream operators to replace flow control components used at the wellhead before they fail, thus reducing production downtime caused by component failures. The combined set of products represents Movement’s focus on new technology differentiators as a core component of its overall solutions strategy.
Movement Industries will be disclosing status updates and agreed upon purchase prices for its other pending acquisitions in future releases. Follow us on Twitter @mvmntin for more updates as they become available
About Movement Industries Corporation
The Company invests in emerging growth companies in energy, oil & gas, renewables and industrial manufacturing sectors. The Company's executive management team brings over 50 years of experience in the global energy market. The Company’s growth strategy includes deepening products and services offered to existing customers as well as acquiring complementary business units.
The Company’s vision is to create prosperity locally and growth globally in every community around the world by empowering individuals and industry to advanced humanity through innovation.
Stay up to date by following the Company at twitter.com/mvmntin or subscribe to updates at our website at https://mvmnt.in
About Hi-Alloy Valve
Hi-Alloy Valve is a leading supplier of valves across multiple industries with the primary focus on wellhead (API 6A upstream) and pipeline (API 6D midstream) valves for the oil and gas industry. Hi-Alloy is a certified ISO 9001:2015 and API Q1 company that provides the global energy market with an extensive product line and exceptional service.
For more information about Hi-Alloy Valve visit www.hialloyvalve.com. Make sure to follow Hi-Alloy on Twitter at www.twitter.com/hialloyvalve.
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Contact Information: MVNT Shareholder / Investor Inquiries
LTN Capital Ventures
Safe Harbor Statement – In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief or expectations of the Movement and members of its management team with respect to the Movement’s future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Movement’s business units or the market price of its common stock. Additional factors that would cause actual results to differ materially from those contemplated within this press release can also be found on the Movement’s website. Movement disclaims any responsibility to update any forward-looking statements.