CHICAGO, Dec. 10, 2015 (GLOBE NEWSWIRE) -- Hydrophi Technologies Group, Inc., (OTC:HPTG) ( “Company”, “we,” “us,” or “our”) announced today that it completed the transaction to purchase, all of the outstanding stock of Pro Star Freight Systems Inc. and Pro Star Truck Center Inc. (collectively, “Pro Star”). The Pro Star purchase is an attempt to preserve and enhance shareholder value in light of ongoing challenges in the execution of the Company’s business mission to bring hydrogen on demand technology to older, mechanical injection vehicles. Hydrophi Technologies Group believes that the addition of the freight business well complements its technology business. “We are excited to bring our real world trucking experience to complement Hydrophi Technologies Group’s technology prowess,” stated Pro Star founder, Nikola Zaric.
Pro Star had unaudited management reported 2014 revenue of $27.3 million with net income of $660,000. Pro Star was purchased with a combination of cash, notes and preferred stock. For the complete terms of the transaction please see the Company’s most recent public filings.
Roger M. Slotkin, CEO and Chairman of HydroPhi Technologies Group, Inc., states when he visited Pro Star, he had the privilege of meeting and getting to know Mr. Zaric. “We believe the Pro Star business model, growth potential and significant expansion possibilities make this acquisition extremely prudent and should yield significant shareholder value.”
About Pro Star:
Pro Star is a Mid-Western based, long haul freight transportation company serving the continental United States. With dispatch operations in Bensenville, Illinois, Belgrade Serbia and Niš Serbia, and truck service centers in Indiana and Illinois, the company services and manages a fleet of around 150 trucks.
Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.