CORAL GABLES, Fla., April 22, 2014 (GLOBE NEWSWIRE) -- VR Holdings, Inc. (OTCQB:VRHD) announced that it has entered into an agreement to acquire 100% of Enelco Environmental Technologies Co., Ltd and ZM Industries, LLC (collectively "EETC") for 48,000,000 shares of common stock.
EETC has three business units: 1) An OEM supplier of industrial air pollution control equipment to multi-national firms servicing the power generation market, 2) Complete air pollution control systems and accessories to the power generation market in China through licensed technologies, and 3) Sourcing services for small and medium world-wide enterprises. EETC has been working with global clients for more than 15 years throughout 30 countries.
"The acquisition of EETC sets the solid foundation and direction of our firm," stated Matthew A. Lapides, CEO of VR Holdings. "EETC's founder, Michael Zhu, has built a tremendous team and strong relationships with large multi-national firms to produce key air pollution control components in the power generation industry. He also created a process to commercialize licensed air pollution technologies in China that helps power generation facilities, meet emissions standards. The epidemic air pollution levels have consequences to the planet, and EETC is part of the solution. We welcome EETC and their global footprint to our family."
Michael Zhu, CEO of EETC, said, "Our team has worked hard to build supply relationships with some of the most recognized names in energy production. We've also invested significant resources over time to acquire licensed technologies in air pollution control and provide the right system solutions for China power generation. It takes teamwork to be able to consistently and timely provide quality products for international clients, and jointly commercialize international air pollution technologies within China. Simply said, we're helping to create a brighter tomorrow."
"We were looking for the right partner, and found a match with VR Holdings. Matthew and I worked together in China exactly 20 years ago," stated Zhu. "EETC's success has been built on relationships, and we believe that through our new relationship with VR Holdings, we will be even better positioned to pursue our worthwhile efforts."
EETC will maintain its own identity and leadership team. The transaction will effect a change of control of VR Holdings and is subject to customary closing conditions, and is expected to close in the next few months.
VR Holdings Inc. (http://www.planetpurification.com) is a diversified holding company in a reformation stage. It maintains interests in Litigation Dynamics, Inc., a forensic e-discovery company. VR Holdings continues its efforts to identify acquisition opportunities in the green-tech, clean-tech and energy efficiency industries.
Enelco Environmental Technology (Anhui) Co., Ltd. and ZM Industries, LLC (EETC) collectively have an 18 year production history, employ more than 200 people and operate a 150,000 ft2 production facility, an R&D center, and sales offices in the U.S. and China.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts, including, without limitation, statements that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development, may be deemed to be forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. Except as may be required under applicable law, we assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of V.R. Holdings, Inc. can be found in the filings of V.R. Holdings, Inc. with the U.S. Securities and Exchange Commission.