By Jonathan
July 12, 2010 4:15 PM EDT
Lexon Technologies Inc., a manufacturer of recycles toner for laser printers, fax and multi-function copiers, today announced it has signed a Letter of Intent with INTEK America Inc., a manufacturer of energy efficient paper shredders and toner cartridges and various other “eco-friendly” products under the GoECOlife™ brand.
Per the agreement, INTEK shareholders will receive newly issued shares of Lexon, representing an 80 percent ownership over the combined entity, over which INTEK will assume operating and managerial control.
INTEK is a large-scale manufacturer/distributor of consumer branded products. The company distributes the products through big box retail and dealer channels in the United States, Europe and Asia, with plans to target Australia and New Zealand.
INTEK introduced the first commercial and personal “green” paper shredders under the GoECOlife™ brand. The company’s GoECOlife™ remanufactured toner cartridge line is scheduled to launch in the next two months, followed by several additional products currently in development or pending throughout 2011.
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“We are truly excited about the synergies that both companies share with each other. With combined revenues of over $30 million for the past fiscal year 2009 and strong growth projections for 2010, we now have the platform and momentum to be a viable middle market company. The main stimulus for this reverse merger was the tremendous growth potential of the GoECOlife™ brand and the strong demand for the products associated with this brand. We are also inheriting the proven sales experience and existing business relationships of INTEK to sell our toner products to their existing big box retailers as well as through their entire sales network,” James Park, CEO of Lexon stated in the press release.
Herman Chang, CEO of INTEK, highlighted the company’s dedication to green alternatives in everyday living, and what becoming a publicly traded company will do for further growth.
“Caring enough to purchase everyday products which contribute to sustaining the earth should not mean that the consumer should have to sacrifice style, functionality or quality of product. This is one of GoECOlife™’s core values. ‘Green’ can actually be sexy, sophisticated and hip…and it does not have to be ‘not-for-profit,’” Chang stated. “Lexon represents the next logical step in our growth. Not only do we acquire a profitable toner manufacturer, we also become a public company whereby we can accelerate the brand awareness of GoECOlife™. As a public company, we will be rewarded for our continued growth and the timely introduction of sustainable products across multiple categories on a larger scale in the market. The public is ready for our products.
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