This strategic partnership is set to enhance Envirotech's capabilities in U.S. manufacturing and logistics, delivering a multimillion-dollar revenue stream from government contracts over the next three years while creating U.S. based manufacturing jobs.
The terms of the transaction provide for the issuance of 3.10 million shares of common stock to the owner of Maddox Industries, as well as the conditional payment of $1 million in cash upon the collection of the same amount of Maddox's outstanding accounts receivables within 180 days after the closing.