Today, Medina International Holdings, Inc. released news that company has formed a Contribution and Exchange Agreement with WinTec Protective Systems, Inc.
According to the agreement, Medina will issue 3,000,000 shares of its restricted common stock in exchange for 20,400,000 shares of WinTec’s common stock. Medina will hold 51% of the issued and outstanding common stock of WinTec, essentially making WinTec Medina’s subsidiary. The Company has filed an 8K, which is available at www.sec.gov, detailing the transaction.
WinTec, located in Houston, Texas, has developed various proprietary products, which include CORTAIN, Hydro-Tain and Blast Block. Medina International Holdings has first right to use CORTAIN, anti-corrosion material for small marine craft.
“This is a strategic milestone for our Company,” commented Mr. Daniel Medina, CEO of Medina International Holdings, Inc. “The acquisition of WinTec will give us access to coatings and other proprietary technologies that are a natural complement to our existing watercraft business. The incorporation of WinTec’s product lines will allow us to offer highly-specialized products that are not available elsewhere. We know our customers will be as excited as we are about this new subsidiary.”
Mr. Rao Mankal, CFO of Medina, stated, “We are very pleased with the structure of this deal. The WinTec team sees the potential, as do we, of their product lines. Management of both companies will be working closely together to realize the potential of this business combination.”
To learn more about WinTec, please visit the company’s website at www.wintecusa.com