Olenox Industries (NASDAQ: OLOX) announced the completion of its acquisition of PsyLinks Neurotech Corp., which will now operate as a wholly owned subsidiary. The acquisition, finalized through a share exchange agreement, saw Olenox acquire all outstanding PsyLinks shares in exchange for approximately $500,000 in restricted common stock. This strategic move aligns with Olenox's broader vision of integrating energy production, industrial infrastructure, and digital technologies to improve operational visibility and decision-making.
As part of the transaction, PsyLinks founders Dr. Michael McLaren-Gradinaru and Dr. Ford Burles have joined Olenox as vice president of technology and vice president of product development, respectively. Their expertise in neurotechnology and applied intelligence is expected to bolster Olenox's capabilities in these cutting-edge fields. The company emphasized that the acquisition was reviewed and approved by the independent members of its board due to its potential classification as a related-party transaction under SEC rules.
Olenox Industries is a vertically integrated energy company operating across multiple business lines, including oil and gas, energy services, and energy technologies. The company focuses on acquiring, optimizing, and scaling energy-related infrastructure and operating assets across key U.S. markets. With the addition of PsyLinks' neurotechnology and applied intelligence capabilities, Olenox aims to enhance its ability to integrate energy production, industrial infrastructure, and digital technologies. This integration is expected to improve operational visibility, decision-making, and future technology initiatives.
For more details on the acquisition, the full press release is available at https://ibn.fm/xxUO6. Investors can find the latest news and updates regarding OLOX in the company's newsroom at https://ibn.fm/OLOX.
