InterCore Energy, Inc., Acquires SRG, Inc., In Exchange For Controlling Interest
MAHWAH, N.J., Jan. 23, 2013 /PRNewswire/ -- InterCore Energy, Inc. (OTCBB: ICOR) announced that it has acquired SRG, Inc., a Quebec Province corporation, in exchange for stock equal to 80% of InterCore's voting control. As a result of the transaction, SRG has become a wholly-owned subsidiary of InterCore Energy, Inc.
In connection with the closing of the transaction, SRG, Inc., based in New York, acquired the "ADS Software". The ADS Software is ADS™ (Alertness Detection Software), a system designed around proprietary alertness detection technologies, which alerts operators to their work activity capability based on real time monitoring of their state of alertness. The ADS™ methodology employs a unique approach for assessing sleepiness and low alertness levels via the observed behavior of operators in their real work environments.
Effective with the closing of the transaction, Mr. Claude Brun has been appointed and elected as the new President and Chief Executive Officer of InterCore, and Ms. Danielle Beauchamp is serving as the new corporate Secretary. Mr. Brun and Ms. Beauchamp have also been appointed to serve on InterCore's Board of Directors. Mr. James F. Groelinger resigned his position as President and Chief Executive Officer of InterCore, but will continue to serve on the Board of Directors, along with Messrs. Harry Pond and Wayne LeBlanc. Mr. Frederick Larcombe will continue in his position as InterCore's Chief Financial Officer.
Simultaneous with the close of the transaction, InterCore sold certain of its assets to HLBC Distribution Company, Inc., a Nevada corporation ("HLBC") which is owned by certain of InterCore's investors, trade creditors, debt holders, and members of its management team and Board of Directors, in exchange for: HLBC assuming certain InterCore liabilities and receiving shares of InterCore common stock and warrants for the purchase of additional shares of InterCore common stock. The assets sold by InterCore consisted of shares it owned in Legends & Heroes, Inc. and Epec Biofuels Holdings, Inc. as well as the intangible rights associated with the Myself™ pelvic muscle trainer and a novel medical applicator. Additionally, InterCore sold the shares it owned in HepatoChem, Inc. to the Rockland Group, LLC, InterCore's majority shareholder and an entity controlled by one of the Company's Directors (" Rockland"), in exchange for Rockland agreeing to forgive a portion of the debt owed to it by InterCore. InterCore is not expected to record significant gains or losses in connection with the above transactions.InterCore's name and stock symbol will remain the same for the immediate future, and the company will continue to do business under the InterCore Energy name. Information will continue to be available on the company's website.
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