Echo Automotive has completed last week the acquisition of Bright Automotive’s assets.
Echo Automotive, Inc. announced April 11 the execution of a voluntary Exchange Agreement with Advanced Technical Asset Holdings (“ATAH”) through issuance and filing of a form 8-K with the Securities and Exchange Commission (“SEC”) regarding this major event.
Echo describes itself as a developer of technologies enabling the cost effective conversion of existing fleet vehicles into fuel efficient hybrids and plug in hybrids.
The voluntary exchange between the two companies transfers to Echo the ATAH assets and intellectual property which were acquired by ATAH from Bright Automotive.
“We are very pleased to complete this transaction,” stated Dan Kennedy’s, Echo’s CEO. “This gives Echo a broad suite of technologies, intellectual property, and patents that significantly expands Echo’s capabilities and portfolio. In addition, this acquisition opens up new product opportunities for Echo and will allow Echo to better serve the increasing demand for OEMs in need of real-world experience, technologies and IP.”
The Company further stated that the acquisition of the assets, IP and multiple patents significantly strengthens the Company’s overall market segment positioning.
The Company acquired Bright Automotive R&D which Echo estimates to be tens of thousands of hours at a cost in the tens-of-millions of dollars. Echo additionally disclosed that the IP and assets contained with this transaction are inclusive of several fully developed prototype vehicles, including the Bright IDEA vehicle, and other IP and engineering data.
“We are excited to incorporate these technologies into our near and long term strategies,” added Jason Plotke, Echo President and Co-Founder. “Our EchoDrive technology was validated by winning the Most Innovative Product award at NTEA earlier this year, and our engineers and developers are looking forward to applying our expertise to the technology we acquired as part of the this transaction in order to meet the increasing demand and opportunities in the sector.”
The Company said it has filed an 8K Form disclosing the voluntary exchange between Echo and ATAH and containing the details of the transaction with the SEC. The exchange terms include the issuance by Echo of six million (6,000,000) shares of its common stock to ATAH for the ATAH assets and intellectual property, all of the outstanding ATAH member units, and $500,000 of cash from ATAH.