Code Green Apparel Corp is taking over the Zoombang Companies through a tax-free share exchange agreement. For this purpose, it has signed a binding letter of intent. The Zoombang Companies manufactures impact protection gear for use in sports, military, police, tactical, industrial, equine and medical applications using its proprietary polymer technology.
Zoombang Companies are based in Katy, Texas.Code Green Apparel Corp is taking over the Zoombang Companies through a tax-free share exchange agreement. For this purpose, it has signed a binding letter of intent. The Zoombang Companies manufactures impact protection gear for use in sports, military, police, tactical, industrial, equine and medical applications using its proprietary polymer technology.#
The polymers that the company manufactures and develops are engineered to manage energy by dissipating, transferring, or accentuating blunt force trauma, shock, g-force loading, and vibration. The proprietary polymers reduce injury and dramatically increase comfort for applications where protection to the body is critical, such as in all contact sports, military / ballistic applications, hazardous work environments and medical (post-transplant and surgical protection) applications.
Currently, there are 14 NFL Teams and 11 NHL Teams who purchase and use Zoombang’s products as they absorb over 40 per cent more of the energy than any of the other products being tested.
“Being in the apparel industry for more than 40 years, I have come across and been exposed to a wide variety of textiles, fabrics, technologies and designs,” commented George J Powell, president and CEO of Code Green Apparel Corp. “I must say that I was utterly blown away by Zoombang’s array of product offerings, versatility, technology, intellectual properties and outstanding quality while performing my research and due diligence. Zoombang has a proven technology and has further identified the optimal path and sales verticals for the company to pursue and prosper,” said Powell.
“We are extremely excited about joining Powell and being an integral part of the Code Green Apparel team,” commented Joseph Scott, co-founder and CEO of Zoombang. “With Code Green’s extensive background in sourcing and production, it was clear from the outset that there are many synergies between the Zoombang Companies and the expertise that Code Green has to offer. We believe these synergies will immediately enhance both companies’ abilities to drive existing and new revenue streams through the sale of our wide range of products with both Zoombang’s current customer base and to engage in new sales endeavors," said Scott.
As an integral part of the acquisition, the company has made a financial commitment to invest up to $1,500,000 to fund Zoombang’s rapidly growing operations and to build the appropriate operational infrastructure including, but not limited to sales, technology and administrative personnel. (SV)
Fibre2Fashion News Desk – India
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