Subjects: TNM, CXP
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans
ATWEC TECHNOLOGIES, INC. (OTC: ATWT)
TULSA, Okla. , June 20, 2024 /PRNewswire/ -- ATWEC Technologies, Inc. is announcing it has acquired The Birch Co, a leading Commercial and Residential Construction innovator in the Central U.S. with significant revenue and accretive cash flow. The Birch Co will add over $6 million in annual revenue.
Darnell Stitts will remain on the Board of Directors, with Josh Ploch of The Birch Co. stepping in as the new CEO and Angus Martin as the new COO.
"The quality of work, financial strength, operational expertise, central location, and overall growth trajectory made this an ideal acquisition. I'm thrilled to have Josh and Angus step into their new leadership roles, which is expected to produce great results for our shareholders," said Darnell Stitts, the former CEO.
The company is announcing it completed this acquisition in a preferred stock deal, resulting in a control change. This merger marks a significant milestone in the company's growth strategy, aiming to enhance its market presence and expand its product portfolio.
"We have enjoyed working with Darnell to bring ATWEC back into compliance. Now, we can start building and preparing a foundation for significant growth. We will be changing the company name to The Birch Co, divesting non-accretive assets, growing the core commercial and residential construction business, expanding operations, making new accretive acquisitions, and preparing for an audit and up-list. This strategic move aligns with our vision of becoming a leader in the Residential New Construction and "Build to Rent" space, and we are now well positioned for long-term success," said Josh Ploch, the newly appointed CEO.
Key Highlights of the Merger include:
- Expanded Market Presence: The merger will significantly increase Birch Co's footprint in key markets, enabling the company to better serve its customers with an expanded product and service offering.
- Enhanced Innovation: By combining the innovative strengths of both companies, The Birch Co will accelerate its research and development efforts, bringing cutting-edge solutions to the market faster.
- Operational Synergies: Integrating ATWT's operational efficiencies with The Birch Co's robust infrastructure is expected to result in cost savings and improved operational performance.
- Strengthened Financial Position: The acquisition will enhance Birch Co's financial stability, providing a stronger balance sheet and increased access to capital for future growth initiatives.
- Leadership and Talent: The combined entity will benefit from a diverse and experienced leadership team poised to drive the company forward in the competitive landscape.
About The Birch Co
The Birch Co is a leading innovator in the construction industry, dedicated to delivering high-quality, affordable homes, high-end custom homes, and commercial construction projects to its customers. With a commitment to excellence and innovation, The Birch Co. is at the forefront of modern building solutions in the Sunbelt region.
About ATWEC
ATWEC Technologies Inc is a Worldwide Corporation (ATWT) specializes in providing cutting-edge safety solutions to customers. With a strong emphasis on technology and innovation, ATWC is known for its focus on quality and safety in development and manufacturing.
FORWARD-LOOKING STATEMENTS:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties, and other essential factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason except as required by law.
For more information on The Birch Co.
please visit www.thebirchco.com or contact:
Angus Martin
Chief Operating Officer
(918)764-8869
[email protected]
SOURCE ATWEC Technologies, Inc.
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