Consolidated Power Battery To Merge With Portable Energy Products
Consolidated Power Battery Corp. (PWB, Oak Harbor, WA) announced it has entered a definitive agreement to merge with Portable Energy Products Inc. (PEP, Scotts Valley, CA). Under the terms of the agreement, PEP will be merged into a subsidiary of PWB and become wholly owned by PWB. PEP shareholders will receive shares of common stock of PWB equal to the total outstanding shares of PWB after giving effect to conversion of up to $2 million of convertible debentures and the exercise of warrants attached to the debentures. The transaction is expected to close before June 30, 1999, subject to regulatory and shareholder approval."Our two companies have been working closely since a letter of intent was signed on January 7, 1999," stated PWB Chairman and CEO Larry Azure. "We are very pleased with the synergies that have already been achieved by the close cooperation of the two companies."