DALLAS, TX, Aug 29, 2013 -- ProTek Capital, Inc. (OTC Pink: PRPM) ("ProTek") today released a statement from the combined management teams or ProTek and APT Group, Inc.
ProTek last week announced entering into a Letter of Intent (LOI) agreement to acquire APT Group, Inc. (APT), a manufacturer and distributor of technologically advanced, environmentally friendly utility and power-sports products. APT Group, Inc. is a Missouri registered corporation headquartered in Kansas City, MO and the holding company for the MotoVox® product line and SmartCarb® patented carburetor technology lines.
Combined Management Teams' Statement:
Troy Covey, Motovox Founder, says, "APT Group is faced with a good problem, in that the demand for MotoVox® PowerSport products is higher than their current capital structure can support. The 2013 launch of APT's patented fuel system technology, SmartCarb®, has added yet another demand for growth capital. APT sales could easily double if existing capital constraints are overcome." The constraints faced by APT Group are typical of high-growth companies with sales that are growing exponentially year over year. The management of APT and ProTek Capital believe that a public holding company structure can provide a vehicle for streamlining the APT debt facilities while providing the growth capital in the form of equity needed to continue the rapid growth and continued product development of the MotoVox®, PowerSport business and the launch of the SmartCarb®.
The intent of the two management teams is to complete the announced merger in the next 30 days and for the APT management to then assume the primary management responsibilities for the public company. Going forward, ProTek will streamline its current operational focus to exclusively concentrate on the potential of the overall APT opportunity.
About APT Group, Inc.
APT Group, Inc., ("APT") is a Missouri registered corporation headquartered in Kansas City, MO and the holding company for the MotoVox® product line and SmartCarb® patented carburetor technology lines. MotoVox® has become the fastest growing brand of small power-sport products in the world within its consumer price point of between
$350 and $1,000. To-date, Motovox has over 100,000 units sold.
About ProTek Capital, Inc.
ProTek Capital, Inc. has historically concentrated on acquiring a portfolio of unique and promising, high-growth potential companies. The portfolio industry focus has changed and evolved over time and the MotoVox® acquisition would represent the next evolutionary step into the burgeoning market for low cost, high efficiency "greener" power-train systems.
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
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ProTek Capital, Inc.
SOURCE: ProTek Capital, Inc.