SANTA MONICA, CA / ACCESSWIRE / January 31, 2017 / Source Financial, Inc. (OTCQX: SRCF) (the “Company) and CSES Group, Inc. (“CSES”) executed an Agreement and Plan of Merger whereby CSES will become a wholly owned subsidiary of the Company upon the completion of the merger.
CSES successfully completed two years of early adopter testing of its alltemp® refrigerant at several Fortune 100 companies’ facilities for its Montreal and Kyoto Protocol compliant refrigerant (see: https://www.alltempsolutions.net/results/). Additionally, the test results revealed that alltemp® yielded a significant average savings in energy consumption while maintaining capacity. As the world rapidly phases out HCFCs and R-22 refrigerant, the demand for compliant refrigerants like alltemp® are dramatically accelerating in this $20 Billion annual market.
Since the signing of the Binding MOU in September of last year, and coming off the successful early adopter testing, CSES raised more than $4.5 million dollars to: 1) increase manufacturing capacity of alltemp® to $100 million per month at its 6,000 sqft state-of-the-art plant in Oregon, 2) expand its product line, and 3) hire a worldwide sales force to market its line of products.
“The transition from the private to public markets will help CSES gain significant exposure, propel the company into a leadership position in the environmental services industry, and provide broader access to capital and global partnerships as needed for expansion plans. Our plan is to rapidly accelerate the Company's growth to bring long-term value to shareholders,” said Bill Lopshire, CSES CEO.
For further information about the Agreement and Plan of Merger, please read the Company’s current report on Form 8K filed January 25, 2017.
For alltemp® sales inquiries please contact Hans Vollers of CSES Group, Inc. at (855) 687-4867.
About CSES Group, Inc.
CSES Group has developed a proprietary refrigerant technology after years of research and development called alltemp®. alltemp® is a proven replacement for many worldwide refrigerants that have detrimentally affected the global environment. CSES Group’s alltemp® refrigerants are environmentally friendly, sustainable and cost-efficient energy solutions for the residential and commercial marketplace. alltemp® refrigerants have broad applications ranging from Heating Ventilation and Air Conditioning (“HVAC”) to refrigeration, and foam insulation to industrial solvents. alltemp® is the ideal solution for replacement of HCFC-22, better known as R-22, which is the world’s most commonly used refrigerant, R-410a, R-134a and R-404a. R-22 is rapidly being phased out in all developed countries due to environmental concerns over its strong effect on the depletion of the Earth’s ozone layer. For further information, please go to www.alltempsolutions.net.
This press release contains “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"), as well as Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In particular, when used in the proceeding discussion, the words "plan", "confident that", "believe", "expect", or "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements are subject to certain risks and uncertainties that are subject to change at any time, and the Company's actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components for, and delays in the start of production, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financing and other risks.