Endurance Exploration Group, LLC acquired Tecton Corporation from Hemis Corporation, Endeavour Cooperative Partners Llc, Asset Mangement Arm and other shareholders in a reverse merger transaction.
December 30, 2013 at 11:00 pm
Share
Endurance Exploration Group, LLC acquired Tecton Corporation (OTCPK:TTNCD) from Hemis Corporation (OTCPK:HMSO), Endeavour Cooperative Partners Llc, Asset Mangement Arm and other shareholders in a reverse merger transaction on December 31, 2013. Under the share exchange agreement, Tecton Corporation acquired 100% of the membership interests in Endurance Exploration Group, LLC and, in exchange, the former members of Endurance Exploration Group, LLC received 20.5 million shares of the Tecton Corporation common stock. The members of Endurance Exploration Group, LLC who received the shares of stock included Micah Eldred and Carl Dilley, the current officers and Directors of Tecton Corporation. Tecton‘s principal business became that of Endurance. Concurrent with the acquisition of Endurance Exploration Group, LLC, Tecton Corporation entered into a debt exchange agreement with its controlling shareholder and principal creditor, Endeavour Cooperative Partners, LLC, whereby $0.29 million of debt owed to Endeavour Cooperative Partners, LLC was exchanged for 12.73 million shares of Tecton Corporation common stock. Additionally, options to acquire 5 million shares of the Tecton Corporation common stock at a price of $0.25 per share were issued to key personnel. Upon completion of the above transactions, the Micah Eldred and Carl Dilley shall hold greater than 80% of the voting power of all classes of stock of Tecton Corporation.
The transaction is subject to receipt of any regulatory approvals. The respective Boards of Directors or Managers of Tecton Corporation and Endurance Exploration Group, LLC have approved the share exchange agreement.
Endurance Exploration Group, LLC completed the acquisition of Tecton Corporation (OTCPK:TTNCD) from Hemis Corporation (OTCPK:HMSO), Endeavour Cooperative Partners Llc, Asset Mangement Arm and other shareholders in a reverse merger transaction on December 31, 2013.
Endurance Exploration Group, Inc. is engaged in recovering bullion, precious metals, numismatic-grade coinage, high-value non-ferrous metals, and other valuable cargos from both historic and modern shipwrecks throughout the world. The Companyâs primary focus is its exploration and recovery operations. The Company formed EXPL Swordfish, LLC, as a wholly owned subsidiary for the purpose of pursuing a number of shipwreck and suspected shipwreck targets located in international waters off the Southeast coast of the United States, in a joint venture with Deep Blue Exploration, LLC. The Company formed a joint venture with Downtown Television, Inc., for the purpose of developing, producing and marketing entertainment content relating to deep-sea exploration, historical shipwreck search, artifact recovery, and expounding upon the history of these shipwrecks.
Endurance Exploration Group, LLC acquired Tecton Corporation from Hemis Corporation, Endeavour Cooperative Partners Llc, Asset Mangement Arm and other shareholders in a reverse merger transaction.
ENDURANCE EXPLORATION GROUP, INC. 