Movement Industries Corp. (OTC PINK: MVNT) announced today that the company has completed the acquisition of SGX Industrial LLC. With the closing of the acquisition, Movement has acquired SGX’s IoT chip design, its cloud-based monitoring system that remotely monitors and controls the flow of various media (oil, gas, chemicals), several patents for flow control products and approximately $300,000 of product inventory. SGX’s products will be added to the company’s flow control product line that includes valves, pumps, and actuators. The IoT platform will serve as the basis for our new monitoring division and will be included along with our upstream and downstream service contracts.
Mr. Linh Nguyen, Movement CEO, stated, “Our new monitoring division will provide high-margin recurring revenues that will increase our top and bottom lines and benefit our shareholders. As a company, we are focused on including new technology advancements in all our products and services as a key component of our strategy to move the world through innovation. These new technologies will provide a more efficient infrastructure for energy production that will ultimately help to advance humanity.”
The purchase price for the acquisition is 100,000 shares of Series B Preferred stock, the assumption of a $300,000 promissory note, plus incentives for an additional 10,000 shares of Series B Preferred stock per year over the next five years if certain performance criteria are met. The Series B Preferred stock is restricted for two years and each share of Series B Preferred stock can be converted into 100 shares of the company’s common stock.
The company is also in talks to acquire an artificial intelligence platform that would be paired with the monitoring solution to provide decision-making capabilities that will allow upstream operators to replace flow control components used at the wellhead before they fail, thus reducing production downtime caused by component failures. The combined set of products represents Movement’s focus on new technology differentiators as a core component of its overall solutions strategy.
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Source: Globenews Wire