NaturalNano Announces Agreement to Acquire Syracuse Based Owner of General Super Plating Business for Stock
January 31 2014 - 7:30AM
Marketwired
NaturalNano Announces Agreement to Acquire Syracuse Based Owner of
General Super Plating Business for Stock
ROCHESTER, NY--(Marketwired - Jan 31, 2014) - NaturalNano, Inc.
(OTCBB: NNAN) (www.naturalnano.com) announced today that it had
reached an agreement to acquire 100% ownership of Syracuse based MJ
Enterprises LLC ("MJ") dba General Silver Plating LLC, the owner
and operator that provides chrome plating services for products
used in the automobile and household appliance industries. NNAN
made the acquisition for common shares. The acquisition is expected
to close in the near future.
Jim Wemett, NNAN CEO commented, "This acquisition is important
to NNAN and its share holders for two reasons. First, it brings
into NNAN a business with a very attractive and loyal customer base
with the opportunity to grow the base plating business
significantly. Second, it enables NNAN to work with the GSP
business to identify opportunities to expand our proprietary
halloysite nanotubes ("HNT") applications. It provides our
shareholders with real value by acquiring this established
well-respected business for 60 million NNAN common shares."
J.T. Jacus, CEO of MJ Enterprises LLC, owner of GSP said, "We
are excited to become a part of the NNAN team. This allows us to
grow the GSP business in a fundamental way. It enables us to
complete our plans to make further improvements to our
manufacturing plant to increase capacity to take advantage of the
growth of our customer base and add products to increase our annual
sales above the $12 million sales level that was achieved in
2013."
General Super Plating ("GSP") www.4gsp.com is located in East
Syracuse, NY, established in 1932. The company specializes in high
quality plating on plastics. GSP plates parts for world-famous
brand names in the appliance, automotive, electrical, electronics,
marine, medical, military, personal care, and plumbing
industries.
NaturalNano, Inc. (OTCBB: NNAN) located in Rochester, New York,
is engaged in the development and commercialization of material
additives based on proprietary nanomaterial technology utilizing
Halloysite Nanotubes (HNTs). The company provides industry with
additives designed to improve the processing characteristics and
mechanical properties of engineering thermoplastics, and additives
designed to optimize the release of active agents such as vitamins
and fragrance in cosmetic products. NaturalNano holds patents
relating to the commercial use of HNTs in composite materials as
well as specialized techniques used in the refinement and
processing of HNTs and intermediaries that it ships to customers
worldwide. HNT materials used as a surface treatment have also
shown promise in medical research devoted to stem cell collection
and in trapping circulating cancer cells. The company is also
exploring surface treatments relating to improved adhesion of
protective coatings for polymer components used in numerous
commercial applications.
Cautionary Statement Regarding Forward-Looking Statements:
Contains forward-looking statements regarding future events and
future performance that involve risks and uncertainties that could
materially affect actual results. This information is qualified in
its entirety by cautionary statements and risk factors disclosure
contained in certain of NaturalNano's filings with the Securities
and Exchange Commission. The most recent annual reports on Form
10-K and quarterly reports on Form 10-Q filed by NaturalNano
provide information about these factors, which may be revised or
supplemented in future reports to the SEC on those forms or on Form
8-K. We caution investors not to place undue reliance on
forward-looking statements, and we do not undertake any obligation
to update or otherwise revise any forward-looking statements,
whether as a result of new information, future events, or other
such factors that affect the subject of these statements, except
where expressly required by law.
Contact: Jim Wemett NaturalNano, Inc. 585-267-4848
info@naturalnano.com