CleanSpark Stock News Info No One Is Talking About😲 Pioneer Power Solutions PPSI Market Picks CLSK

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CleanSpark Info No One Is Talking About The Little Brother Effect
adminnAugust 20, 2020

Pioneer Power Solutions Inc PPSI

Shares Outstanding 8.7M
So how does CleanSpark CLSK fit into all this Pioneer Power PPSI ?

https://www.prnewswire.com/news-releases/cleanspark-completes-acquisition-of-pioneer-critical-power-inc-300785194.html

SALT LAKE CITY, Jan. 28, 2019 /PRNewswire/ — CleanSpark, Inc. (OTC: CLSK) (the “Company”), a microgrid company with advanced engineering, software and controls for innovative distributed energy resource management systems, and Pioneer Power Solutions, Inc. (NASDAQ: PPSI), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, today announced that the two companies have closed a merger transaction wherein CleanSpark acquired Pioneer’s wholly owned subsidiary, Pioneer Critical Power, Inc. (PCPI). The entity acquired is not related to Pioneer’s engine generator business headquartered in Minneapolis, Minnesota operating under the same name. Pioneer will continue to retain and operate that business under the PCPI name and CleanSpark will change the name of the acquired entity to CleanSpark Critical Power Systems, Inc., no later than February 22, 2019.
So Einhorn is Finkle and Finkle is Einhorn?

via GIPHY

Through this acquisition, the Company became the sole owner of strategic intellectual property currently held by PCPI. CleanSpark plans to utilize its new intellectual property to enter into the switchgear equipment sales industry. The Company further acquired executed contracts, which it expects will result in approximately $3.6 million in gross sales during early 2019. As a further condition of the Agreement, CleanSpark and PPSI entered into a Non-Competition and Non-Solicitation Agreement whereby Pioneer Power agreed, among other things, to not compete with the Company or solicit employees or customers of the Company for a period of four years. PPSI also signed an Indemnity Agreement to indemnify the Company of certain contingencies.

Concurrent with the acquisition, CleanSpark entered into a Contract Manufacturing Agreement, whereby Pioneer Power shall exclusively manufacture parallel switchgears, automatic transfer switches and related control and circuit protective equipment for CleanSpark for a period of no less than eighteen months.

“This acquisition will allow CleanSpark to continue to build our intellectual property portfolio and secure substantial revenues, without the capital exposure generally required to operating a manufacturing facility, stated CleanSpark’s President and CFO, Zachary Bradford. We’ll own the rights to the customer base, the intellectual property and a, UL (Underwriters Laboratories) file portfolio and we expect to benefit from the associated existing and future revenues, but without the exposure of large capital investments in inventory, equipment and facilities. As a result of this transaction, the prior agreement between CleanSpark and PPSI, to acquire Pioneer Custom Electrical Products has been terminated with the mutual agreement of both parties,” concluded Bradford.

As consideration for the assets, CleanSpark will provide Pioneer with the following:

1,750,000 shares of CleanSpark common stock;
a 5-year warrant to purchase 500,000 shares of CleanSpark common stock at an exercise price of $1.60 per share;
a 5-year warrant to purchase 500,000 shares of CleanSpark common stock at an exercise price of $2.00 per share;