(TheNewswire)
Vancouver, BC – TheNewswire - November 2, 2021 - G2 TechnologiesCorp. (CSE:GTOO ) ( OTC:GTGEF ) ( FWB:1NZ.F)(the “ Company ” or “ G2 ”) announces today it has reserved the name of G2 Energy Corp. with the BCRegistrar of Companies and intends to change the company name from G2Technologies Corp. to G2 Energy Corp. (the “ Name Change ”) inthe near future to reflect its new focus in the energy sector. TheCompany will provide additional information on this matter in duecourse.
In addition, the Company has completed the formation of three new subsidiariesin both Canada and the US in order to facilitate an oil and gastransaction. The subsidiaries will be registered as holding companies,in Canada with the name “ G2 Energy USA Corp”and in the USA as “G2 Energy Holding US Inc.” and “G2 Energy TX1Inc.” to facilitate future transactions in Texas.
The Company would like to provide an update pursuant to the terms and conditionsof the purchase and sale agreement (the “ PSA ”) entered intobetween the Company and TriVista Oil Co. LLC (“ TriVista ”), aspreviously announced on August 24, 2021. The Company has delivered toTriVista a notice of default (the “ Default Notice ”)and has given TriVista notice of its pre-emptive termination of thePSA.
Pursuant to the Default Notice, the Company allegescertain title defects, certain defaults and certain misrepresentationsby TriVista of its obligations under the PSA, dated August 23, 2021entered into between the Company and TriVista. As a result of thealleged title defects, defaults and misrepresentations specified inthe Default Notice, the Company has terminated the PSA and hasprovided written instruction to the escrow agent (the “ Escrow Agent ”)pursuant to the escrow agreement (the “ Escrow Agreement ”)entered into between the Company, TriVista and the Escrow Agent onSeptember 7, 2021, to immediately pay to the Company the depositamount of US$400,000 (the “ Deposit ”).
“The Company is planning to proceed with anotheracquisition that has been identified and evaluated already.” statedSlawek Smulewicz, CEO of G2 Technologies Corp. He further stated,“additional information will be provided in the nearfuture”.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
Chief Executive Officer and Director
O: +1 778 7754985
W : WWW.G2.ENERGY
About G2Technologies Corp.
G2 Technologies Corp. isfocused on developing opportunities in the energy sector. G2’s headoffice is located in Vancouver, Canada .
The Canadian Securities Exchange hasneither approved nor disapproved the information contained herein.
Forward-Looking StatementsCaution . This news releaseincludes forward-looking statements that are subject to risks anduncertainties. All statements within, other than statements ofhistorical fact, are to be considered forward-looking. The Companyprovides forward-looking statements for the purpose of conveyinginformation about current expectations and plans relating to thefuture and readers are cautioned that such statements may not beappropriate for other purposes. By its nature, this information issubject to inherent risks and uncertainties that may be general orspecific and which give rise to the possibility that expectations,forecasts, predictions, projections or conclusions will not prove tobe accurate, that assumptions may not be correct and that objectives,strategic goals and priorities will not be achieved. These risks anduncertainties include but are not limited to, the Company’s abilityto complete the Financing, to raise sufficient capital in order toclose the acquisition announced in the Company’s news release datedAugust 24, 2021 and other risks and uncertainties identified andreported in the Company’s public filings under the Company’s SEDARprofile at www.sedar.com. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate as actualresults and future events could differ materially from thoseanticipated in such statements. The Company disclaims any intention orobligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwiseunless required by law.
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