Bioceutical pioneer TRICCAR Holdings, Inc. announced today it has entered into a definitive agreement to be acquired by Frontier Oilfield Services, Inc. (FOSI), an enterprise specializing in the safe disposal of non-oil fluids and particulate matter. Under the terms of the agreement, Frontier will change its name to TRICCAR, Inc. The transaction is subject to approval by the Securities and Exchange Commission, which is expected in mid-February, according to a senior TRICCAR executive.
“Since founding TRICCAR, the management team has sought to take the company public,” said Bill Townsend, Founder of TRICCAR Holdings. “We sought public visibility and transparency for our planned work with both the United States Drug Enforcement Administration and Food and Drug Administration and to offer our employees the potential long-term benefits of public company ownership,” said Townsend, who will serve as CEO and President of the new entity.
Frontier will issue 80 percent of its stock to acquire all the assets of TRICCAR Holdings, Inc., while Frontier shareholders will retain 20 percent of the publicly traded shares. TRICCAR’s bioceutical portfolio includes support for obesity and weight loss, calcium deficiency, diabetic nerve pain, ADD, memory and recall, and hypothyroidism. The company has a combined investment of $67,000,000 and five patents issued or in process of USPTO approval.
“Several of TRICCAR Holdings’ products include oil extractions and we intend to access Frontier’s area of expertise, which may prove invaluable in improving our proprietary plant extraction processes, which currently exceed 99% purity,” said Townsend.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Source: BioSpace
