Han Tang Technologies, Inc. Announces the Acquisition of R Squared Technologies, Inc., and Plans Completion of Current Status with the OTC
Port St. Joe, Florida--(Newsfile Corp. - March 17, 2020) - Han Tang Technologies, Inc. (OTC Pink: HTTI) announced today it has closed a stock exchange agreement to buy 100% of the outstanding common shares of R Squared Technologies, Inc., ("R2"), a technology company that has developed the SENTINELTM a man portable communication network between wired and Wi-Fi enabled devices to operate within a secure network. It can be used for both defense and emergency management applications. The SENTINELTM provides an immediate command and control network and provides a communication solution in response to a variety of adverse circumstances, including severe weather, natural disasters, power outages or even a hostile attack.
The SENTINELTM was conceived in the wake of Hurricane Katrina in New Orleans, the earthquakes in Haiti and Northern Italy, as well as the subsequent horrific flooding events in both Louisiana, North Carolina, Texas and Florida, to address the disastrous breakdown in emergency response communications. All these events demonstrated the need for mobile communication systems at the local and the first response levels. The inability to communicate in all these disasters resulted in chaos and the additional loss of life. As a result, the SENTINELTM was designed and is ready for production. SENTINELTM was developed to create a "Communication Network" to immediately establish a command and control network at the epicenter of a disaster or need.
R2's wholly owned subsidiary Skyborne Technology a designer and developer of manned and unmanned next generation aviation systems has opened its new manufacturing facility in Gulf County, FL. The company chose the area specifically to have access to employ manned and unmanned aircraft pilots, skilled manufacturing labor for composites, aircraft aluminum and high bullet proof fabrics. As part of opening of the new manufacturing facility, Skyborne Technology will unveil their Airship and Drone technology to begin testing their aviation products for target markets such as Agriculture Assessment, Communications, Education, Defense, Border Security, Health, Natural Disasters, Policing and Traffic Control.
The terms of the acquisition are as follows, in exchange for 100% of the R2 Shares and R2 Assumed Notes of $4,813,760, HTTI shall issue to the R2 Shareholders on a pro rata basis the following shares of Preferred Series B and Series C in an aggregate of Nineteen Million Eight Hundred and Sixty Seven Thousand (19,867,000) of Series B Preferred Stock, an aggregate of Fifteen Million Nine Hundred Thousand (15,900,000) Series C Preferred Stock the Issuable Shares shall be convertible in the aggregate into a number of shares of HTTI Common Stock representing approximately 95% of the shares of HTTI Common Stock outstanding on a fully diluted basis immediately prior to conversion, subject to adjustment as described in the Series B and Series C Certificates of Designation. In exchange for the retirement of $2,275,215 in assumed notes will issue an aggregate of Four Million Five Hundred Fifty Thousand and Four Hundred and Thirty (4,550,430) Series D Preferred Stock convertible into HTTI common stock convertible at $.50 a share with a 6% coupon as described in the Series D Certificates of Designation. In addition, HTTI shall issue two classes of warrants, 500,000 of warrants with a cashless exercise and 1,000,000 of cash warrants exercisable into common shares at $1.00 per share.
Michael Lawson has been appointed as CEO and has 32-years serving as Chairman, CEO and President of public /private companies. Additionally, he has an extensive executive level operational background in both international aerospace and advertising industry. He helped film with his aerospace Team the first commercial space ad for Pepsi followed by the Pizza Hut delivery to the International Space station to just name a few global marketing projects. William and Michael have both previously negotiated airship advertising commercial contract(s) and awarded contracts with the US military and Security Agencies for both Drone and Airship. Their combined talents in utilizing Airships and Drones for advertising, military, environmental, communication, agriculture and other applications will open new opportunities for HTTI and our technology partners.
William Robinson, ('Billy") has been appointed as Chairman/President/CFO has 33-years serving as Chairman, CEO and CFO of several public/private companies. Additionally, he has an extensive executive level operational background in manufacturing, aerospace and technology. He led the company that received the first approval for a commercial drone to fly in US airspace. He has initiated and completed multiple public and private transactions assisted with the sale, merger, funding and IPOs. Prior, Mr. Robinson held management positions at Paine Webber initiating two IPOs and served as a vice president of Prudential Securities, Inc. with series 7, 6 and 65 license (inactive). Mr. Robinson studied Business and Finance at Oklahoma University, Northeastern State University and Northeastern A & M University.
"We are excited about the growth for HTTI and our subsidiaries and look forward to expanding the employment opportunities for the Gulf County Region and the State of Florida. Our current business model targets disaster relief, border protection, communication, public safety, environmental research, distance learning, medical and other vertical markets globally," stated Michael Lawson, CEO.
"Our combination with HTTI gives new financing options and expands the awareness of the company. Further, we are currently completing the financial filings to have HTTI back in good standings with the OTC expeditiously. Our combined technologies fill an immediate need in both the US and abroad," stated Billy Robinson, President.