ORLANDO, FL, March 21, 2018 (GLOBE NEWSWIRE) -- Majestic Oil & Gas, Inc. (OTC PINK: MJOG) is providing this news release to correct and update its January disclosure regarding the final agreements with the Palatka, FL-based ATC Holding, Inc.
Subsequent to the original press release, both companies determined it would be in the best interest of the parties to modify the acquisition. Over the last several months, MJOG has acquired several companies not related to the energy or remediation industries, and recognized that the public company (MJOG) should have a separate management team to oversee and support all of the subsidiaries in their growth efforts rather than one specific group that would have expertise in one segment. This will also allow each subsidiary to be operated on their own and not overburden the Officers and Directors of MJOG.
After careful consideration, MJOG and ATC have amended the original merger agreement so that ATC Holdings, Inc., will be a 51% owned subsidiary of MJOG, and the prior shareholders of ATC will continue to own the remaining 49%. As part of the agreement ATC shareholders will receive Preferred shares and can appoint one member to the board of directors of MJOG. This amended agreement will benefit both companies, as it will allow MJOG to enter into more market sectors, while still benefitting from its subsidiaries, such as ATC.
“We are very excited to have completed this deal with ATC. The success and proven track record of ATC in their industry is what we look for in companies we are seeking to bring into MJOG as part of our expanding business portfolio. We welcome both ATC Holdings management and its employees to the MJOG family,” said Calvin Lewis, President of MJOG.
About Majestic Group Holdings, Inc.
Majestic Group Holdings, Inc. was created to acquire and build a portfolio of some of the best companies in the Cannabis Market Today. With demand rising, and the industry booming, legal marijuana operators and companies in the cannabis industry are racing to develop new products and services, acquire land and other assets to enable the enhancement of drastically increasing revenue streams and production capabilities. We bring the best management available to expand these companies to their maximum growth, and potential. Majestic has, and continues to acquire companies that will create tremendous synergies, bring additional revenue, and provide the greatest structure possible, so the Company can deliver the strongest values for their shareholders.
About ATC Holding, Inc.
ATC was established on January 10, 2013 as a Florida corporation, founded from the legacy of the Staples Brothers, who from 1976 specialized in maximizing the holding capacity of a wide range of industrial vessels through recovery, recycling, or cleaning. These concepts were utilized in other holding areas, such as industrial ponds and lagoons. Our patented machinery, equipment, tooling, and accessories have made us unique in the industry. ATC will take their proven techniques and equipment and make them even more effective and safer with the latest automated and mechanized technologies. Having originally focused in the Southeast U.S., serving the Pulp and Paper Industries. ATC are experts in providing problem-solving technologies and solutions for ponds and lagoons of all types, specializing in removing dense and viscous material not easily removed by conventional methods. ATC has expanded its services to include working with industrial storage tank cleaning problems, particularly the removal of heavy residue from large diameter vessels. We have cleaning systems that can be used while the tank is still in operation, without the necessity for tank entry. Our patented “Soap Recovery Bucket” is the only portable system on the market capable of removing the valuable soap, and restoring lost capacity in a cost-effective manner. This creates a safer, more cost-effective solids removal. During outages, we provide equipment that slurries the sludge to return to use. We also grind up the material and send it down a vacuum system, to a waiting truck. For ATC to continue its profitability and growth, and develop new markets, will expand its manufacturing and service capabilities over the next five years.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the Company's control.