Olenox Industries Inc. (NASDAQ: OLOX) announced today the completion of its acquisition of PsyLinks Neurotech Corp., which will now operate as a wholly owned subsidiary. The transaction, executed under a share exchange agreement, involved Olenox acquiring all outstanding shares of PsyLinks in exchange for approximately $500,000 in restricted common stock. 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 aligns with Olenox's strategy of integrating energy production, industrial infrastructure, and digital technologies to improve operational visibility, decision-making, and future technology initiatives. PsyLinks' neurotechnology and applied intelligence capabilities are expected to complement these efforts, providing Olenox with advanced tools to analyze and optimize complex systems. The company noted 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 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. By bringing PsyLinks' expertise in-house, Olenox aims to leverage cutting-edge neurotechnology to enhance its operational performance and drive innovation in energy and industrial applications.
For more details, the full press release is available at https://ibn.fm/xxUO6. Further information about Olenox and its latest news can be found at https://ibn.fm/OLOX.
