(MENAFN- EIN Presswire) DALLAS, TEXAS, UNITED STATES OF AMERICA, June 9, 2023/einpresswire.com / -- ARMM, Inc. (the“Company”) (OTCQB: ARMM) is pleased to announce that it has completed the acquisition (the“Acquisition”) of Current Energy and Renewables Corp. (“CER”). The Acquisition was completed pursuant to the terms and conditions of an amalgamation agreement (the“Amalgamation Agreement”) dated April 28, 2023, as amended on June 1, 2023, entered into among the Company, CER, and 1412885 B.C. Ltd. (“Subco”), a wholly-owned subsidiary of the Company. Pursuant to the terms and conditions of the Amalgamation Agreement, the Company acquired all of the issued and outstanding shares in the capital of CER by way of a three-cornered amalgamation under the Business Corporations Act (British Columbia), whereby Subco amalgamated with CER and continued under the name“Current Energy and Renewables Corp.” (“Amalco”) as a wholly-owned subsidiary of the Company.
As consideration for the Acquisition of CER, each former CER shareholder received 1.75 common shares in the capital of ARMM (“ARMM Shares”) in exchange for each common share in the capital of CER (“CER Shares”) held by such holder, and the CER Shares were cancelled. Following the completion of the Acquisition, the former CER shareholders now hold approximately 90% of the issued and outstanding ARMM Shares. ARMM, which is publicly traded on the OTCQB, will be changing its name to“Current Energy and Renewables Corp.” A new trading public trade symbol will be announced soon.
David Coburn, CER Chief Executive Officer stated“Trading on a US exchange will give us access to a much broader group of investment capital that will allow CER to expand organically into other states as well as acquire strategic companies in the renewable energy space. CER will move forward with a strategic round of financing which will allow the company to meet its goal of up-listing onto a senior exchange as it expands its business nationally in the USA.”
ABOUT CURRENT ENERGY AND RENEWABLES
Established in 2017, CER provides large and small businesses, government agencies and residential customers with competitively priced electricity, sustainability solutions and exceptional customer service. The Current Energy and Renewables team boasts over 40 years of experience in the international energy industry and is focused on streamlining all components of energy supply. On February 8, 2021, CER announced that it executed a multi-year supply agreement with Boston Energy Trading and Marketing LLC (BETM). BETM is a wholly owned subsidiary of Diamond Generating Corporation (DGC), a leading independent power producer and wholly owned subsidiary of Mitsubishi Corporation (MC), that manages MC's power business in the Americas.
About Boston Energy Trading and Marketing LLC
Boston Energy Trading and Marketing LLC (BETM), a Mitsubishi Corporation subsidiary, provides asset management and optimization services to owners of generation and energy storage in North America, and wholesale energy to retail power and gas suppliers. BETM traders cover competitive power markets including Northeastern, Midwest and Western markets. Driven by a fundamentals-based approach, its team develops and maintains electric-transmission, gas network and supply/demand models to inform market views for trading opportunities. DGC acquired BETM from NRG Energy in August 2018, and prior to 2014 BETM was known as Edison Mission Marketing & Trading. Mitsubishi Corporation provides investment-grade credit support for BETM's commercial activities. For more information, please visit .
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies. MC has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups, MC's current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe. For more information, please visit
Contact Information
David Coburn
Current, Energy and Renewables
+1 602-315-1231
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