Olenox Industries (NASDAQ: OLOX) announced the completion of its acquisition of PsyLinks Neurotech Corp., which will now operate as a wholly owned subsidiary. Under the share exchange agreement, Olenox acquired all outstanding shares of PsyLinks in exchange for approximately $500,000 in restricted common stock. The transaction underscores Olenox's commitment to integrating advanced digital technologies with its core energy operations.
PsyLinks Neurotech brings expertise in neurotechnology and applied intelligence, capabilities that Olenox plans to leverage to improve operational visibility, decision-making, and future technology initiatives. The company noted that the acquisition aligns with its strategy of combining energy production, industrial infrastructure, and digital technologies. As part of the deal, 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.
The acquisition was reviewed and approved by the independent members of Olenox's board due to its potential classification as a related-party transaction under SEC rules. This approval ensures that the transaction meets regulatory standards and protects shareholder interests. Olenox Industries is a vertically integrated energy company operating across oil and gas, energy services, and energy technologies, focusing on acquiring and scaling energy-related infrastructure and assets in key U.S. markets. The addition of PsyLinks is expected to enhance the company's technological capabilities and operational efficiency.
For more details on the acquisition, the full press release is available at https://ibn.fm/xxUO6. Investors seeking the latest news and updates on OLOX can visit the company's newsroom at https://ibn.fm/OLOX.
