Advanced Container Technologies, Inc. completed the acquisition of Medtainer, Inc. (OTCPK:MDTR.D) in a reverse merger transaction.
October 08, 2020
Share
Advanced Container Technologies, Inc. (ACT) entered into an exchange agreement to acquire Medtainer, Inc. (OTCPK:MDTR.D) for $2.3 million in a reverse merger transaction on August 14, 2020. As consideration, Medtainer will issue 50 million shares for all shares of ACT. In a related transaction, the outstanding shares of Medtainer's common stock will be reverse split on October 8, 2020, such that every 59 outstanding shares of the Registrant's common stock will be combined into 1 share of new common stock (Reverse Split). In another related transaction, ACT and GP Solutions, Inc. entered into a Distributorship Agreement, dated as of August 6, 2020 under which GP has granted to ACT the exclusive right to sell and distribute GP's products within the United States and its territories. ACT may renew the Distributorship Agreement indefinitely as long as it purchases the lesser of (i) 100 GrowPods or (ii) GP's total output of GrowPods in the last calendar year of any term. Upon the consummation of the transaction and Reverse Split, Medtainer's current shareholders will hold approximately 2% stake in the combined company and its name will be changed to Advanced Container Technologies, Inc. The transaction will be terminated if not completed on or prior to October 31, 2020.
Douglas P. Heldoorn as Chief Executive Officer and a Director, Jeffory A. Carlson as Chief Financial Officer, Daniel Salinas as Secretary and Barry J. Miller as Assistant Secretary of Medtainer will be appointed. The transaction is subject to the satisfaction of certain conditions including approval by the Financial Industry Regulatory Authority, Inc. (FINRA) in relation to the name change and the Reverse Split. The transaction is subject to filing of Medtainer's certificate of amendment and Douglas Heldoorn, Eric Horton and Daniel Salinas appointed to serve as the sole members of the Board of Directors of the combined company upon closing. The transaction is also subject to the Distributorship Agreement not being amended.
Advanced Container Technologies, Inc. completed the acquisition of Medtainer, Inc. (OTCPK:MDTR.D) in a reverse merger transaction on October 9, 2020. The combined company's name is now Advanced Container Technologies, Inc.
Advanced Container Technologies, Inc. is engaged in developing, manufacturing, and selling advanced cultivation equipment, and proprietary packaging systems. The Company markets and sells two principal products: GrowPods and Medtainers. GrowPods are modified insulated shipping containers in which plants, herbs, and spices may be grown hydroponically in a controlled environment. GrowPods use both indoor organic hydroponic and soil-based systems to provide plants with nutrients, water, and oxygen. Light-emitting diode (LED) lights installed in GrowPods are adjustable and can create the specific spectrum and intensity that are optimal for the growth of a particular crop. Medtainers are used to store pharmaceuticals, herbs, teas, and other solids or liquids and can grind solids and shred herbs. The Company also provides private labeling and branding services for purchasers of Medtainers and certain related products. It also offers humidity control inserts, smell-proof bags, and lighters.