Equity take up in Hi-Tek

RUBBER Research, a wholly owned subsidiary of Rubber Research Group (RRG), is purchasing 100% stock in Hi-Tek Rubber.

RRG will exchange ordinary shares of RRG common stock in exchange for 100% of the issued and outstanding shares of Hi-Tek. The terms and conditions are outlined in an equity purchase agreement to be completed, on approval of the board of directors of each company, on or before February 29, 2012.

RRG’s Werner Remmen and Hi-Tek founder/president Gordon Cell agree that this is an excellent fit for both parties. “For our part,” said Remmen, “Hi-Tek has the capability and expertise to develop and support our ambitious plans for the manufacture and distribution of rubber based roofing products.” (PRA)