KULR - Notable 27 March 2024 Newsmakers

2024-03-27 09:31:11 ET

DENVER, Colo., Mar 27, 2024 ( 247marketnews.com )- This morning’s notable listings with recent news include Treasure & Shipwreck Recovery (OTCPK: BLIS ), Honeywell (NASDAQ: HON ), KULR Technology Group, Inc. (NYSE: KULR ), and Lockheed Martin (NYSE: LMT ).

Treasure & Shipwreck Recovery (OTCPK: BLIS ) signed a definitive merger agreement with Native American Pride Constructors (“NAPC”), which is projected to deliver over $5,000,000 in back log revenue for calendar year 2024, not including sales of Corner Shot USA weapon systems or brokering of munitions and defense items for use by Allied and NATO forces in the Ukraine and the Middle East.

NAPC has the exclusive license to produce and sell the Corner Shot USA System, in the USA and Saudi Arabia, and will manufacture the product at its Florida facility. NAPC signed an LOI to sell Corner Shot units to Saudi Arabia, valued at approximately $370,000,000, with a net profit margin of at least 20% to NAPC.

NAPC also plans on brokering munitions and military hardware, including more than eleven (11) different munitions and military hardware items that are of interest to Allied and NATO forces in the Ukraine and the Middle East, which require U.S. State Department approval.

Kenny West, CEO of NAPC, stated, “It is our goal to achieve revenue and earnings over the coming years that will qualify us to trade on the NASDAQ. With Corner Shot USA and the brokering business along with our current construction business, we have a company that makes good sense for investors. Our goal is to be one of the strongest growth companies in the U.S. for years to come.”

Honeywell (NASDAQ: HON ) stated that it intends to acquire the entire Euronext Milan Exchange share capital of Civitanavi Systems S.p.A., by initiating a voluntary tender offer to acquire all outstanding shares of Civitanavi for a purchase price of €6.30 per share in cash, which values Civitanavi Systems at approximately €200 million at closing.

The move is designed to further strengthen Honeywell’s ability to help its customers create autonomous vehicle operations, whether they are traditional operators seeking to increase the autonomous capability of their existing fleets or are new entrants in the Advanced Air Mobility space

The purchase price payable at closing represents a ~27% premium to the 30-day volume-weighted average trading price of Civitanavi’s stock ended on March 26, 2024, and Honeywell secured the commitment of Civitanavi’s controlling shareholder, which owns about two thirds of Civitanavi’s outstanding shares, to tender its shares.

“By integrating Civitanavi’s inertial technologies and sensors across Honeywell’s existing commercial, military, space and industrial platforms, our customers across the globe will now have access to a more robust portfolio of aerospace navigation solutions in support of their journey toward autonomous operations,” said Honeywell Aerospace Technologies President & CEO, Jim Currier.

“With this acquisition, we will be able to immediately expand our offerings to customers in the European Union through Civitanavi’s navigation solutions, a capability we intend to further build out in the near-term. We look forward to adding this critical technology to our portfolio to help accelerate the growth of our Aerospace business. We are excited to welcome Civitanavi’s talented workforce as our newest Honeywell Futureshapers,” Currier added.

KULR Technology Group, Inc. (NYSE: KULR ) reported, yesterday, that it received a six-figure contract from Lockheed Martin (NYSE: LMT ) to develop phase change material heat sinks, which are pivotal for the thermal regulation of essential electronics within long-range precision missiles.

Ted Krupp, KULR’s VP of Sales and Marketing, stated, “Our partnership with Lockheed Martin validates our drive for excellence and innovation in managing high-stakes thermal challenges. Our work is critical for enhancing the capabilities of precision-guided weaponry.” KULR remains at the forefront of thermal regulation technology, continuously evolving its solutions to support safer, more efficient electronic and battery systems across a variety of applications.

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