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Coretec Group and Core Optic enter into a definitive share exchange agreement

The Coretec Group, developer of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for EV, cleantech, and 3D display technology, and Core Optics, have entered into a definitive share exchange agreement pursuant to which, on the closing date, the company is expected to acquire 100% of the membership interests of Core Optics and its subsidiaries which hold all its tangible assets and intellectual property across all its technologies and industry verticals.

Subsequent to the closing of the transaction, the combined company will continue to operate under the name The Coretec Group, Inc. and trade under the ticker symbol CRTG, before pursuing uplisting to a senior exchange when it believes the combined company can satisfy initial listing requirements. The closing of the transaction is subject to customary closing conditions.

Core Optics specializes in the design and fabrication of cutting-edge inspection and assembly machinery for the compact camera modules (CCM) industry. The company has amassed expertise and data pertaining to its testing algorithms, including ownership of more than 30 patents. With commercial products and sales channels in established industries that are also considered high-growth, including automotive and VR/AR, Core Optics has solidified its position as a market leader for providing pivotal process solutions.

Core Optics maintains numerous customer engagements with some of the top mobile device manufacturers in South Korea and throughout the world and with prominent automobile manufacturers including EV makers, as well as global commercial activity in other verticals. Core Optics is revenue producing via a CCM testing product line that has historically produced healthy profit margins, and maintains a pipeline of orders with an expected trajectory for high-growth.

Core Optics recently expanded its service scope to encompass the burgeoning Electric Vehicle (EV) market. This is one of the reasons that The Coretec Group’s proprietary technology is so complementary, as its Endurion battery development program markets to the same customer base. It represents a significant value proposition for Core Optics’ automotive business, facilitated by the company’s existing sales channel and customer relationships.

In addition, the advanced development of the company’s C-Space volumetric display technology fits well within Core Optics’ CCM and photonics business, in which its deep knowledge and expertise could further C-Space development.

The transaction would enable Core Optics to enter North American markets, facilitating greater business activity between US auto manufacturers and other potential high-value customer segments.

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