We are excited to announce the closing of the Share Exchange Agreement governing the acquisition of the target company, Hallor Industries Inc. The resulting entity, now renamed as Hallor Group Inc., is anticipated to be listed on the Canadian Securities Exchange (CSE).
The acquisition of Hallor is expected to bring increased value to our investors as the company enters into production scale-up at a large Tier 1 Manufacturer headquartered in British Columbia.
We are reviewing market conditions to focus on a timely launch in order to preserve capital and grow the business with the public market. Our current target is Q3 2023, subject to market conditions.
Please see the following press release for further details.
Hallor Group Inc., formerly known as 1292846 B.C. Ltd. and DBA SAK3 (the “Company”), is pleased to announce that, pursuant to the definitive share exchange agreement entered into on November 4, 2022 and as amended on March 12, 2023 and July 3, 2023 between the Company and Hallor Industries Inc. (“Hallor”), the Company has acquired (the “Acquisition”) all issued and outstanding securities of Hallor.
Hallor is a British Columbia-based company that develops and builds electric airport ground support equipment (“GSE”) and baggage tractors. In consideration for the Acquisition, the Company issued 12,000,000 common shares in the capital of the Company (each a “Consideration Share”) to the shareholders of Hallor.
Pursuant to the Acquisition, Hallor became a wholly owned subsidiary of the Company (the “Resulting Issuer”). Immediately following closing of the Transaction, the Company changed its name to “Hallor Group Inc.” The Resulting Issuer will continue the business of Hallor, involving building and developing electric airport GSE such as baggage tractors, belt loaders, and de-icer machines.
The Resulting Issuer is preparing to submit a preliminary non-offering prospectus to all commissions, with the British Columbia Securities Commission (the “BCSC”) being the principal regulator of the Company and a listing application with the Canadian Securities Exchange (the “CSE”).
The listing application is anticipated to be submitted in Q3 2023 or such other date as otherwise determined by the Resulting Issuer. The listing of the Resulting Issuer is subject to a number of conditions including the receipt of all requisite regulatory, stock exchange, or governmental authorizations, approvals and consents, including review and approval of the commissions and the CSE, market conditions improving and such other conditions and obligations customary for a transaction of this nature.
Additional information in respect of the Acquisition will be included in the Company’s listing statement and non-offering prospectus to be filed with the BCSC and the CSE, as applicable, in connection with the Acquisition and which will be available on the Company’s SEDAR profile at www.sedar.com.
Hallor Group Inc. is a private company incorporated in Vancouver, British Columbia. Through its wholly owned subsidiary, Hallor Industries Inc., the company carries on the business of developing and building electric airport GSE and luggage tractors that are modularly designed for full utility and exceptional safety.
Their flagship "Green Ox" electric tractor has had over 800 trials completed across 8 international airports, with units currently deployed in the industry. These units have proven performance deliverables including exceeding safety standards, reductions in costs and maintenance, ability to withstand extreme temperatures, and are built to be a sustainable alternative to traditional combustion engines.
The Green Ox is now entering production with a large North American Tier 1 Manufacturer and has a robust sales pipeline that includes major airlines and GSE contractors. Hallor aims to continue scaling production to meet the current and rapidly growing market demands which are set to double by 2030.
For more information, please contact Grant Lawrence: firstname.lastname@example.org
Readers are cautioned that, except as will be disclosed in the listing statement and non-offering prospectus of the Resulting Issuer to be prepared in connection with the proposed listing, any information released or received with respect to the Acquisition or the listing may not be accurate or complete and should not be relied upon.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, “proposes”, “anticipates”, “expects”, “is expected”, “intends”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Forward-looking statements include: (i) the submission of a non-offering prospectus and listing application to the BCSC and the CSE, respectively; (ii) receipt of any necessary approvals from the BCSC and the CSE; (iii) the anticipated business of the Resulting Issuer; (iv) the anticipated production of Hallor’s tractor units and value of the sales pipeline; and (v) the anticipated market size of for North American automated manufacturers.
Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, the execution by the managements of the Company and Hallor of their respective business plans, and the companies receiving all necessary future approvals and permits. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, undue reliance should not be placed on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward- looking statements, including risk factors as will be disclosed in the listing statement and non-offering prospectus of the Resulting Issuer including but not limited to: (i) failure to obtain the necessary regulatory approvals, including from the CSE and/or BCSC; (ii) general market and economic volatility; (iii) unexpected changes in the regulatory environment; (iv) management’s inability to execute its business plan; (v) increased competition; and (vi) reliance on key personnel.
Except as required by law, neither the Company nor Hallor undertakes any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
No securities regulator or exchange has reviewed, approved, disapproved, or accepts responsibility for the content of this news release.