CHEYENNE, WY / ACCESSWIRE / July 1, 2024 / Asia Properties Inc. (OTC PINK:ASPZ) has signed an agreement to acquire SRE Power, Inc., the Houston-based hydrogen technology company in a share-for-share deal. The deal values SRE at $72m.
SRE is projecting an annual turnover of $3.5 billion within four years from the successful deployment of its groundbreaking HyOrc heavy-duty engine for the truck, train and ship markets. Powered by its exclusive combination of hydrogen gas and Organic Rankine Cycle (‘ORC') turbines, SRE's patented HyOrc engine promises to disrupt the EV and hydrogen fuel-cell industry with ultra-high efficiency, zero emissions, unmatched driving range and affordability.
The engine's utility is dynamic - it can be used as the powertrain in HGV trucks, trains and ships, as well as in stationary power stations. The first target for the HyOrc is the $350 billion heavy-duty truck market which currently lacks any technology with comparable efficiency, affordability and zero emissions. Not requiring any rare cobalt, lithium, platinum, nafion, or ruthenium-based batteries, nor hydrogen fuel cells, the HyOrc is unprecedented in its sustainability & environmental friendliness and looks set to establish itself quickly as the leader in the race for a truly green powertrain premised entirely on renewables.
On completion of the transaction, ASPZ will change its name to HyOrc, Inc and restructure its Board. James McNaught-Davis, a seasoned private equity professional and venture capital investor with an investment management and advisory background at prominent firms including Advent, Merrill Lynch, Schroders, Warburg Pincus, and WHEB, has been selected to become the Chairman. Meanwhile the tech entrepreneur Reginald Fubara, SRE's founder and CEO, will take over HyOrc's executive leadership.
Management Statements:
Asia Properties' CEO, Debra Childers, expressed delight at the SRE acquisition. According to her, "The agreement with SRE is a strategic move towards accelerated development and commercialization of the revolutionary HyOrc powertrain, a disruptor solution for heavy-duty application. We believe we have now created the foundations for a Tesla class company, driven by genuine sustainability and a vision to make a real impact on global consciousness".
Reginald Fubara, the SRE CEO, remarked that the merger was a pivotal moment for the HyOrc engine. "The development of the HyOrc powertrain will be propelled by the combined resources of the merged companies and will bring value to the shareholders more quickly than previously planned."
James McNaught-Davis added, "This agreement now enables us to leverage the significant capital resources available in the public markets and bring the HyOrc powertrain to market faster, thereby creating significant value for shareholders as we plan to up-list to Nasdaq or NYSE soon."
SRE Power Inc.
SRE Power, Inc. is a pioneering cleantech company with technology derived from five revolutionary mobility & power patents. The company is dedicated to developing the innovative HyOrc technology for use in decarbonizing various industries, with a focus on sustainability and performance. SRE is currently rolling out a portfolio of renewable energy power plants which include geothermal, waste heat recovery and hydrogen power.
Please visit our new website: www.srepower.com
Asia Properties, Inc.
ASPZ is an OTC Pink Market company committed to facilitating advancements in technology and business. Through strategic mergers and acquisitions, ASPZ aims to support innovative companies in reaching their full potential and achieving market leadership.
The Company intends to change its name to HyOrc, Inc.
Forward-Looking Statements
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or expressed achievements or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
ASPZ has 72.69 million shares issued and outstanding with 26.60 million shares at DTC.
Contact:
Asia Properties Inc.
Aric Recker
Investor Relations
Tel (248) 266-5481
For more information on SRE Power Inc please visit www.srepower.com
SOURCE: Asia Properties Inc.
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