Tag: The acquisition of construction assets in Canada is a concrete step toward generating revenue from the installation of our sustainable energy technology in Canadian homes and businesses

VAN NUYS, Calif., Oct. 14, 2021 Eco Innovation Group, Inc. ECOX an innovative company aggregating investments in

new technologies that promote environmental and social well-being and the advancement of green energy solutions,

is pleased to announce the signing of binding Definitive Agreements for the formation of a Canadian construction

enterprise as well as for the acquisition of the business and equipment of an existing

Canadian construction company through an all-stock transaction.

                                    Eco Innovation Group (ECOX)

 

On October 4, 2021, the Company entered into an asset purchase agreement with Spruce Construction, Inc.,

an Alberta corporation, and its shareholder, Timothy Boetzkes, to acquire the existing book of business

and physical assets of Spruce Construction, consisting of vehicles and equipment used in the construction industry.

The Company and Mr. Boetzkes have subsequently formed a new Canadian corporation named Spruce Engineering & Construction, Inc., i

n order to deploy those assets in Canada to provide engineering and installation services to support the sale of ECOX’s breakthrough PoolCooled™ Climate Control technology in the Canadian market.

ECOX owns 85% of Spruce Engineering and Construction, Boetzkes owns 10%, and Patrick Laurie, CEO of the Company’s Canadian green technology development subsidiary, owns 5%.

“The acquisition of construction assets in Canada is a concrete step toward generating revenue from the installation of our sustainable energy technology in Canadian homes and businesses,” remarked Julia Otey-Raudes, CEO of Eco Innovation Group. “ECOX’s Canadian construction firm will partner with our previously-announced Canadian technology development arm, ECOIG Canada, to deliver our PoolCooled™ Climate Control technology to the Canadian market.”

The Company is also pleased to report that Mr. Laurie will serve on the board of directors of Spruce Engineering and Construction along with Ms. Otey-Raudes and Mr. Boetzkes. Under the terms of the Agreements, ECOX will pay Mr. Boetzkes one million shares of the Company’s restricted common stock for substantially all of the assets of Spruce Construction. The new entity will assume approximately CA$60,000.00 in debt from the predecessor entity.

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