Scorpex, Inc. was pleased to announce today that it has entered into a definitive agreement to acquire Scorpex International, Inc. The acquisition has been effected through the merger of a direct wholly-owned subsidiary of the company with Scorpex International. Scorpex International is now a wholly-owned subsidiary of the company.
Formerly known as Scorpion International Waste Solutions, Inc., Scorpex International, Inc. is a development stage company in the hazardous and toxic waste industry. With its first facility located near Ensenada, Mexico, the company is developing its first property for the storage, recycling, treatment, and disposal of hazardous waste. Once completed, Scorpex International will have the only industrial waste processing facility of its kind in Baja Mexico.
It is intended that the transaction will qualify for a tax free plan of reorganization pursuant to the provision of Sections 368(a)(1)(B) of the Internal Revenue Code of 1985, as amended. Pursuant to the terms of the agreement, each issued and outstanding share of Scorpex International stock, other than those cancelled, has been converted into the right to receive 75 percent of one share of the Company’s stock.
Chief Executive Officer Joseph Caywood commented, “We are very excited to bring this emerging growth story to the public markets and will be working diligently to start the audit process and further increase transparency and industry awareness by engaging a third party valuation company. With access to equity financing, we will be able to accelerate our growth strategy to capitalize on the burgeoning opportunities in the Baja Mexico/California region where demand for waste management exceeds capacity.”
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