Victory Energy Corporation Announces Transition into Technology Focused Oilfield Services Company; Announces Board Changes
August 22, 2017 at 07:57 pm
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Victory Energy Corporation announced that it is transitioning its business into a technology focused oilfield services company, and entered into a transaction and investment agreement, sublicense agreement and other related agreements with Armacor Victory Ventures, LLC (AVV), an affiliate of Armacor Holdings, LLC and Liquidmetal Coatings. As part of the transaction, AVV has granted to Victory a worldwide, perpetual, royalty free, fully paid up and exclusive sublicense to all of AVV's owned and licensed intellectual property for use in the oilfield services industry, except for a tubular solutions company headquartered in France. Victory will hold a special meeting of its shareholders as soon as possible to obtain their approval of all necessary provisions of the Transaction Agreement (the Shareholder Approval) and other Company matters.
Concurrent with signing of the Transaction Agreement: David McCall and Patrick Barry resigned from the Board of Directors, and the Board will be expanded to six members; The reconfigured Board of Directors will include Kenny Hill, Ronald Zamber, Robert Grenley, Rick Salas, Kevin DeLeon and Julio C. Herrera. Upon obtaining Shareholder Approval: The Board of Directors of Victory will be expanded to seven members and AVV will appoint the additional member, giving AVV control of Victory.
Victory Clean Energy, Inc., formerly Victory Oilfield Tech, Inc., is a green hydrogen energy company. It is engaged in developing and implementing clean, sustainable low-cost energy solutions with applications across various industries, including transportation, power generation, and industrial processes. Its TrueGreen Hydrogen production solutions provide clean, reliable, and cost-effective energy sources to a diverse range of clients. TrueGreen Hydrogen focuses on decarbonization in heavy transportation and industrial hydrogen markets. Its hydrogen production technology uses completely sustainable and renewable biomass to produce green hydrogen. Its Net Zero Energy Group specializes in providing sustainable and renewable energy solutions, offering both hydrogen energy solutions derived from renewable sources and completely sustainable prime power generated from biomass. Its Biomass Development Group, LLC, specializes in the cultivation, processing, and distribution of biomass.