OTI Greentech AG

  • WKN: A2TSL2
  • ISIN: DE000A2TSL22
  • Land: Deutschland

Nachricht vom 18.09.2020 | 16:34

OTI Greentech AG reaches principle agreement to acquire joint venture partner KMI Cleaning Solutions, Inc.

OTI Greentech AG / Key word(s): Takeover
OTI Greentech AG reaches principle agreement to acquire joint venture partner KMI Cleaning Solutions, Inc.

18-Sep-2020 / 16:34 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


AD-HOC DISCLOSURE ACCORDING TO ARTICLE 17 OF THE MARKET ABUSE REGULATION

OTI Greentech AG reaches principle agreement to acquire joint venture partner KMI Cleaning Solutions, Inc.

Berlin, September 18, 2020 - OTI Greentech AG (WKN A2TSL2) has reached an agreement in principle with the owners of its joint venture partner KMI Cleaning Solutions, Inc. ('KMI') for the complete takeover of KMI (see also ad hoc of May 16, 2019). OTI will now prepare a term sheet with the exact terms and conditions of the acquisition, with the purchase price to be paid in cash and shares. It is foreseen that part of the purchase price will be paid in shares only after certain performance criteria have been met in 2023.

OTI's goal is to complete the acquisition in 2020 after completion of the due diligence. KMI is one of the largest suppliers of chemical cleaning products and equipment for the tank wash market in the United States and Canada. The combined, profitable sales volume of both companies is expected to be approximately EUR 13.0 million this year (2019 OTI Greentech AG: EUR. 4.6 million).


Information and Explanation of the Issuer to this News:

A joint venture with KMI Cleaning Solutions, Inc. has already been in existence since May 2017 under a distribution and framework agreement with OTI Greentech AG. Both partners have worked together successfully since that time.

John C. Kiasalus, OTI's Chief Executive Officer, said, 'The combination of OTI's technical capabilities with KMI's strong market presence and customer support provides us with excellent opportunities to strengthen OTI's competitive position in the U.S. and to internationalize KMI's operations.'

Contact us:

OTI Greentech AG
Dr. John C. Kisalus
info@oti.ag
Tel. +49 69 905505-51
Potsdamer Platz 1, 7.OG
10785 Berlin

edicto GmbH
Axel Muehlhaus, Dr. Soenke Knop
sknop@edicto.de
Eschersheimer Landstr. 42-44
60322 Frankfurt


18-Sep-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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