Tiderock Companies and MTAG Composites to Merge to Create Global Materials Company

BOSTON, MA / ACCESSWIRE / February 20, 2024 / Tiderock Companies, Inc. ("we", "our", or the "Company"), (OTC Pink:TDRK) is pleased to announce the signing of a Letter of Intent to acquire controlling interest of MTAG Composites LTD., a UK-based manufacturer renowned for its specialized molding solutions.

Foto: Accesswire

https://mtagcomposites.co.uk/

Established in 2008, MTAG Composites LTD, ("MTAG") has a solid footing in the European Marketplace, delivering a broad array of services across multiple sectors:

Rail		Automotive
Aerospace		Construction
Marine		Defense

MTAG is well-positioned to capitalize on the composites market's growth, which saw a valuation of USD $105.75 billion in 2022, and is expected to surge to USD $191.36 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032. For the fiscal year 2024, MTAG forecasts Gross Revenue of $12.5M USD, EBITDA of $3.0M USD and net income of $1.75M USD.

The purchase price of 90% of MTAG is £6.75M GBP (approximately $8.44M USD). The payment structure includes a promissory note of $1,250,000 USD, the issuance of 625,000 Series D Preferred Shares, and a reserve portion of the purchase price payable in cash and/or common stock at the Company's discretion after 12 months. New Series D Preferred shares, with a par value of $0.001, will have a stated value of $10 and can be converted into common stock at $0.20 per share, equating to 50 common shares for each share of Series D Preferred Stock. The transaction's closing is contingent upon satisfactory due diligence, definitive agreements and is slated to close by March 31, 2024.

Following the merger's completion, Tiderock Companies will operate under two primary divisions: manufacturing and real estate. MTAG shall lay the groundwork for the manufacturing efforts, extending its UK footprint to the United States and additional UK sites.Amidst a backdrop of stabilized interest rates and continued housing demand in targeted US markets, the Real Estate division, under the Sora brand, continues to develop unique commercial properties. The Company has discontinued activities related to the previously contemplated solar joint venture.