See details of this acquisition here: https://www.kulrtechnology.com/introducing-kulr-vibe-landing/
Item 1.01 Entry into a Material Definitive Agreement.
On October 5, 2022, KULR Technology Group, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Vibetech International, LLC (“Vibetech”) and Norman Serrano, pursuant to which the Company purchased, effective as of 12:01 a.m. on October 6, 2022 (the “Effective Time”), all of the assets, including intellectual property, of Vibetech (the “Acquired Assets”) such that an undivided 42.857% interest in the Acquired Assets, was exchanged for shares of common stock of the Company valued at $1,500,000 on October 5, 2022 and an undivided 57.413% of the Acquired Assets was exchanged for cash consideration of $2,000,000 (the “Cash Consideration” and the transaction as a whole, the “Asset Purchase”).
The Acquired Assets consist of a suite of products and services (the “KULR VIBE technologies”) for the provision of vibration analysis and mitigation applicable to multiple industries and sectors. The KULR VIBE technologies will allow the Company to provide solutions across aviation, transportation, renewable energy (wind), manufacturing, industrial, performance racing and autonomous aerial (drone) applications. Using proprietary sensor processes with advanced learning algorithms, the KULR VIBE technologies aim to achieve precision balancing solutions and identification of component failures based on its comprehensive database of vibration signatures.
The Company will issue the Equity Consideration to Vibetech in four equal installments on the following dates: (i) October 5, 2023, (ii) October 5, 2024, (iii) October 5, 2025, and (iv) October 5, 2026. The Company will pay the Cash Consideration to Vibetech as follows: One Million ($1,000,000) dollars on October 6, 2022, Five Hundred Thousand ($500,000) dollars on April 5, 2023, and Five Hundred Thousand ($500,000) dollars on October 5, 2023.
The Purchase Agreement includes customary representations, warranties and covenants of the Company, Vibetech, and Mr. Serrano. The representations and warranties made by each party were made solely for the benefit of the other party and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk between the parties to the Purchase Agreement if those statements prove to be inaccurate; (ii) may have been qualified in the Purchase Agreement by disclosures that were made to the other party in disclosure schedules to the Purchase Agreement; (iii) may apply contract standards of “materiality” and “that are different from “materiality” under the applicable securities laws; and (iv) were made only as of the date of the Purchase Agreement or such other date or dates as may be specified in the Purchase Agreement.
The Purchase Agreement also contains post-closing indemnification provisions pursuant to which the parties have agreed to indemnify each other against losses resulting from certain events, including breaches of representations and warranties, covenants and certain other matters. The indemnification provisions also include a liability basket deductible of Fifteen Thousand ($15,000) dollars, liability cap of One Million Five Hundred Thousand ($1,500,000) dollars and a right of set-off against future payments in the event an indemnified claim arises.
The foregoing is a summary description of certain terms of the Purchase Agreement. For a full description of all terms, please refer to the copy of the Purchase Agreement that is incorporated by reference and filed herewith as Exhibit 10.1.
Item 2.01 Completion of Acquisition or Disposition of Assets.
The Asset Purchase closed as of the Effective Time of the Purchase Agreement.
Full Press Release Just Issued: KULR Technology Announces Acquisition of VibeTech and Launch of Revolutionary Vibration Reduction Service, KULR VIBE
The Traders News Group
Privacy Policy and Disclaimer
Your Consent
By using our site, you consent to our online privacy policy and disclaimer.
Do we disclose any information to outside parties?
We do not sell your information to anyone.
What information do we collect?
We collect information from you when you subscribe to our newsletter or fill out a form on one of our social platforms. This includes your email address and or mobile phone number.
When registering on our site, as appropriate, you may be asked to enter your: e-mail address and or mobile number.
What do we use your information for?
When we collect your email or mobile number it is used for one purpose to send you the information you requested about small cap stocks. Please read our disclaimer carefully before viewing our emails.
Your information, whether public or private, will not be sold, exchanged, transferred, or given to any other company for any reason whatsoever, other than for the express purpose of delivering the information on small cap stocks that you requested.
We send periodic emails.
The email address you provide may be used to send you information, the small cap stock reports you requested, respond to inquiries, and/or other requests or questions.
How do we protect your information?
We implement a variety of security measures to maintain the safety of your personal information when you enter, submit, your email address. We use secure third parties to send email and sms messages to you.
Because we value your privacy we have taken the necessary precautions to be in compliance with the California Online Privacy Protection Act.
Online Privacy Policy Policy
This online privacy policy applies to information collected through our website and social media platforms.
Contacting Us
If there are any questions regarding this privacy policy or disclaimer you may contact us using the information below.
Editor@TradersNewsSource.com
Traders News Source is a wholly owned subsidiary of Traders News Source LLC, herein referred to as TNS LLC.
Our reports/releases are a commercial advertisement and are for general information purposes ONLY. We are engaged in the business of marketing and advertising companies for monetary compensation. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. The disclaimer is to be read and fully understood before using our services, joining our site or our email/blog list as well as any social networking platforms we may use.
Please Note: TNS LLC and its employees are not a registered investment advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever.
Release of Liability: Through use of this website viewing or using you agree to hold TNS LLC, its operators owners and employees harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damage (monetary or otherwise), or injury (monetary or otherwise) that you may incur. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. TNS LLC encourages readers and investors to supplement the information in these reports with independent research and other professional advice.
All information on featured companies is provided by the companies profiled, or is available from public sources and TNS LLC makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled herein and any decision to invest in any such company or other financial decisions should not be made based upon the information provide herein. Instead TNS LLC strongly urges you conduct a complete and independent investigation of the respective companies and consideration of all pertinent risks. Readers are advised to review SEC periodic reports: Forms 10-Q, 10K, Form 8-K, insider reports, Forms 3, 4, 5 Schedule 13D.
TNS LLC is compliant with the Can Spam Act of 2003. TNS LLC does not offer such advice or analysis, and TNS LLC further urges you to consult your own independent tax, business, financial and investment advisors. Investing in micro-cap and growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investors investment may be lost or impaired due to the speculative nature of the companies profiled.
The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements indicating certain actions & quote; may, could, or might occur. Understand there is no guarantee past performance will be indicative of future results.
In preparing this publication, TNS LLC has relied upon information supplied by its customers, publicly available information and press releases which it believes to be reliable; however, such reliability cannot be guaranteed. Investors should not rely on the information contained in this website. Rather, investors should use the information contained in this website as a starting point for doing additional independent research on the featured companies. The owners and operators of this website have been compensated up to twenty five thousand dollars cash via bank wire by shore thing media for this weeks distributed opinions on kulr. The advertisements in this website are believed to be reliable, however, TNS LLC and its owners, affiliates, subsidiaries, officers, directors, representatives and agents disclaim any liability as to the completeness or accuracy of the information contained in any advertisement and for any omissions of materials facts from such advertisement.
TNS LLC is not responsible for any claims made by the companies advertised herein, nor is TNS LLC responsible for any other promotional firm, its program or its structure.
TNS LLC is not affiliated with any exchange, electronic quotation system, the Securities Exchange Commission or FINRA. TNS LLC is not a Broker/Dealer and does not engage in high frequency trading.
