NXGen Holdings, Inc. Completes Acquisition of Vapor Technologies, Inc.
SARANAC, Mich., July 17 -- NXGen Holdings, Inc. (OTCPK: NXGH) is pleased to announce that the Company has acquired 100% of Vapor Technologies, Inc.'s (VPI) common stock for $600,000 at $.02 per share in an all stock transaction. Vapor Technologies, Inc. is a Nevada corporation that uses multiple encapsulated vortexes to provide pure fuel vapors to gasoline and diesel engines to improve combustion efficiencies.
Optimal utilization of the company's technology will be through its integration into hybrid engine systems, which allows for a leaner air/fuel mixture not possible with today's typical fuel injection systems.
Vapor Technologies will operate as a wholly owned subsidiary of NXGen Holdings under the management of John L. Brock, who will remain as President of the subsidiary. Mr. Brock retired from Northwest Airlines after 38 years. He has an extensive background as a project engineer developing advanced fuel systems for fuel economy, as well as lowering emissions. He also directs research and development for Senx Technology LLC - an automotive diagnostic tool system for engines and fuel injection systems. Mr. Brock holds four U.S. patents in automated diagnostic tools.
"I am excited about our second acquisition because Vapor Technologies truly has the ability to make an impact on reducing carbon emissions, while reducing transportation cost. This definitely falls in line with our stated objective of being a green company that can have a measurable, favorable impact on our environment," stated William White, CEO of NXGen Holdings, Inc.
"Being acquired by NXGen Holdings will allow us to accelerate the fulfillment of our business plan and give us additional standing as part of a publicly traded corporation. I look forward to working closely with NXGen Holdings to accomplish all of the goals we have set forth," stated John L. Brock, President of Vapor Technologies, Inc.
About NXGen Holdings, Inc.:
NXGen Holdings, Inc., through its wholly owned subsidiary, Green Bridge Industries, Inc., offers non-toxic, environmentally friendly cleaning products to fit the sanitation needs of the medical, agricultural, military and retail markets. The Company, through its proprietary technology, has the ability to develop 100% all natural cleaning products, which are superior to the synthetic products currently offered in the marketplace. The Company's products are safe for the surfaces it cleans, the environment, animals and humans.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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