NanoTech Entertainment, Inc. completed the acquisition of majority stake in High Velocity Enterprises, Inc..
NanoTech Entertainment, Inc. (OTCPK:NTEK) completed the acquisition of majority stake in High Velocity Enterprises, Inc. (OTCPK:HVEL) on February 2, 2015. With the acquisition complete, NanoTech shareholders of record as of February 6, 2015 will be allocated shares in HVEL equivalent to their percentage of ownership in NTEK. Shares will be issued to NTEK shareholders upon effectiveness of a to be filed Form S-1 Registration Statement with the Securities and Exchange Commission. HVEL will immediately change its name to NanoTech Gaming, Inc. and apply for a new ticker symbol to reflect the new name. NTEK will retain the majority controlling interest in NanoTech Gaming. As part of NanoTech's new corporate reorganization and management plan, Peter Riordan, previously NanoTech's Vice President of Strategic Planning, has been named the new Chief Executive Officer of NanoTech Entertainment and has been appointed to the Board of Directors. Jeff Foley, NanoTech's former Chief Executive Officer, remains on Board of Directors.
FINRA has approved the name change and issued a new ticker symbol for NanoTech Gaming which trades under the symbol NTGL effective immediately.