ALBANY & WOBURN, USA: Magnolia Solar Corp. announced that on September 19, 2014 it signed a Share Exchange Agreement with Solar Silicon Resources Group Pte Ltd ("SSRG") to merge their business interests and assets.
The SEA was entered into between Magnolia Solar and SSRG, and the parent of SSRG, Auzminerals Resource Group Ltd, both Singapore corporations. The closing of the transaction is anticipated to take place in 60-90 days.
Post-closing, SSRG shall become a wholly owned subsidiary of Magnolia Solar in exchange for which the Parent will own 95 percent and Magnolia Solar shareholders will own 5 percent of Magnolia Solar.
The name of the combined company is planned to be changed to High Purity Quartz Technologies. Based upon the financial condition and assets of the combined company, High Purity Quartz Technologies plans to apply to up-list from OTC QB to NYSE MKT or NASDAQ as soon as practicable.
SSRG is primarily a technology company that since early 2010, at its research and test plant facility in Australia, has focused on validating its advanced new techniques and methods of manufacturing HPQS and other high purity quartz materials extensively used in the semiconductor and solar industries, and high-end electronics worldwide.
The SSRG assets include the Lighthouse rock quartz mine in Australia. SSRG also owns extensive reserves of high-purity silica sand, which is used for HD/LCD TV screens.