A controlling interest in Solar Energy Initiatives, Inc. (OTCQB: SNRY) was acquired by Novation Holdings (NOHO), the company announced today. The acquisition was in exchange for HB&G, Inc. stock.
The stocks that Novation acquired were common and convertible preferred stock. The preferred stock had voting power of more than half (51%) of all the voting stock of SNRY.
HB&G, the parent company of HB&G Temecula, Inc., said that it would be using the funds to establish additional entertainment restaurants over the next three years within the local area, specifically in Arizona, Texas, Southern California, and also possibly in Florida. HB&G already owned and operated a bar and restaurant in Temecula, California.
"This acquisition will allow us to continue our acquisition plan to identify growing, profitable businesses which we can acquire and then transfer to existing public companies for a controlling interest," stated Michael Gelmon, Novation Holings CEO.
The transfer was initially announced last April but the acquisition only pushed through recently. Issues with the restaurant's landlord had to be sorted out first before the sale was closed.
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