Retail Supplier Enters Letter Of Intent To Combine With Company Currently Running A "Firearms Lifestyle Platform"
August 18, 2022
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ARMM Inc. (the "Company" or "ARMM") announced today that it has entered into a binding letter of intent with Current Energy and Renewables Corp. ("CER"), a retail supplier of renewable and traditional energy, for a business combination
ARMM describes itself as follows: "ARMM is a firearms lifestyle platform focused on SELF RELIANCE and is disrupting the $51 Billion consumer firearms and rugged outdoor recreational market. The platform includes an app in which users can take safety & training course via the ARMM Academy, access firearms insurance products, firearms related apparel and accessories, and engage with like minded outdoor enthusiasts while gaining exposure to your favorite brands."
Under the terms of the business combination, CER will combine with a subsidiary of ARMM, and will become a publicly traded entity under the name "Current Energy and Renewables Corp." The transaction is expected to close in the second half of 2022, subject to, among other things, the approval by Armm [sic] stockholders, satisfaction or waiver of the conditions stated in the business combination agreement, and other customary closing conditions, including a registration statement being declared effective by the U.S. Securities and Exchange Commission (the "SEC") and approval by Nasdaq to list the securities of the merged company.
ARMM intends to effect a spin-off of the Company's firearms lifestyle platform, and respective intellectual property ("IP"), through a wholly-owned subsidiary. The newly formed subsidiary, ("NewCo"), will act as the holding company for ARMM's platform and IP. ARMM intends to distribute all the common shares pro rata to the Company's and CER's shareholders of record on closing of the Transaction.
David Coburn, CER's Chief Executive Officer, stated, "This strategic combination allows the Company to leverage select ARMM shareholders who have created significant value within the global energy spectrum and help accelerate and expand CER's footprint within deregulated energy markets."
Upon closing of the transaction, the combined entity will retain the name of Current Energy & Renewables Corp., and will be led by chief executive officer, David Coburn, Founder, and CEO of the current CER.
In 2022, CER received a retail electric supplier license in Pennsylvania and is completing the registration process with the major utilities in Pennsylvania. CER said that it also initiated the approval process to expand its reach into New York, New Jersey, Illinois and Texas as part its national expansion strategy (see story here). Current Energy and Renewables' current operations includes service in Ohio
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CER said that it is supported by a multi-year credit facility from Boston Energy Trading and Marketing (BETM) (story here). "With the backing of BETM, CER is developing long term Purchase Power Agreements (PPAs) in wind, solar and storage as part of its energy transition strategy," CER said
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