Blackbox Stockholders expected to retain 8.34% of the common shares of the combined company’s common stock post-merger
DALLAS, April 17, 2023–(BUSINESS WIRE)–Blackboxstocks Inc. (NASDAQ: BLBX), ("Blackbox" or the "Company"), a financial technology and social media hybrid platform offering real-time proprietary analytics for stock and options traders of all levels, announced today that it has entered into a letter of intent to merge with Evtec Group Limited, Evtec Aluminium Limited and Evtec Automotive Limited (collectively "Evtec"). Evtec is a supplier of proprietary parts for leading Luxury, Performance, and Electric Vehicle "EV" brands including Jaguar Land Rover, Aston Martin, and Ford, among many others.
Evtec targets and acquires opportunistic mission critical supply chain assets at distressed valuations with strong order books from 2024 to 2032 for mostly single sourced parts.
Evtec is led by David Roberts, a 40-year veteran of the global automotive market who also serves as a UK Export Ambassador and is backed by a team of seasoned executives with decades of experience.
Evtec has record order demand in its pipeline with approximately US$500 million in existing orders scheduled for delivery from 2024 through 2032.
Gust Kepler, Chief Executive Officer of Blackbox, commented "We’re excited about pursuing this unique opportunity with Evtec. We believe that this transaction will provide significant and long-term value for our stockholders in the post-merger company. Blackbox will continue operations in the fintech sector as a subsidiary of the parent company and will continue executing its strategic plan in its ongoing mission to provide its users with the best trading information possible. However, we also believe that changes in the supply chain resulting from the pandemic and growing geo-political tensions are creating a unique opportunity for companies like Evtec. Evtec has the vision and resources to near-shore component manufacturing and provide its customers with long term certainty of critical parts and its shareholders with the prospect for higher returns."
Evtec is focused on the Luxury, Performance and Electric Vehicle "EV" automotive supply chain revolution. The business is targeting and acquiring opportunistic mission critical, supply chain assets at distressed valuations with strong order books from 2024 to 2032 for mostly single sourced parts. Evtec is only focused on working with market segments that offer strong price elasticity where consumers will pay more for luxury and performance and absorb the cost to reduce pressure on margins.
The US strategy is to partner with established brands and distribution to expand into higher margin opportunities driven by vertical supply and industry lower cost structure. Conversations with world renowned brands in the industry that offer global reach and high growth opportunities for higher margin revenues and brand building value in the racing and performance industry have opened doors to conversations with strong distribution channels. We anticipate the USA launch and market to drive significant revenue in 2024 and beyond with organic and acquisition growth opportunities.
David Roberts, Chairman and CEO of Evtec, added, "Blackbox and the team offer us a tremendous pathway and structure to execute our vision for continued growth and global expansion. Our business is spring loaded to take advantage of the tremendous backlog in our industry and our large order book provides us with predictable revenue growth that will serve as a backbone for building a future supply chain for the performance, luxury and EV market automotive segment. With a strong pipeline of strategic opportunities backed by committed revenues, we are excited to leverage our new access to the capital markets to grow our business and drive shareholder value through synergy and growth."
The letter of intent is non-binding with the exception of a break-up fee of $500,000 if either party terminates the transaction prior to April 29, 2023, or the execution of a binding letter of intent or a definitive agreement. Closing of the transaction is also conditioned upon customary closing conditions including but not limited to regulatory, lender and stockholder approval.
About Evtec
Evtec is a UK based company providing complete assemblies to auto manufacturers, simplifying sourcing, saving time on procurement, and increasing production efficiency. Their pick and pack service supplies aftermarket automotive products, as well as offering kitting and fulfilment for non-automotive businesses. Their business focuses on premium luxury brands and a market transition to electric vehicles and includes Jaguar Land Rover Group as their largest customer. As a result of significant change in the global supply chain for auto manufacturing in Great Britain that places an increased need for local sourcing of parts, Evtec is well positioned to expand both organically and through acquisition.
About Blackboxstocks, Inc.
Blackboxstocks, Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs "predictive technology" enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 10,000 stocks and up to 1,500,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/screenshare feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans 42 countries; current subscription fees are $99.97 per month or $959.00 annually.
For more information, go to: https://blackboxstocks.com.
Safe Harbor Clause and Forward-Looking Statements
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The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in our filings with the Securities and Exchange Commission (the "SEC"), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under "Risk Factors" in our SEC filings may not be exhaustive.
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Blackboxstocks uses and intends to continue to use its Investors website at https://blackboxstocks.com/company-overview as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s Investors website, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
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Contacts
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